Module 10 Profit Worksheet
1. Fill out the productivity chart for Spicy Chicken sandwiches at each level of labor at Chick-fil- B:
Workers Output Average Product Marginal Product |
0 0 1 15 2 35 3 45 |
2. Now suppose that Chick-fil-B has to pay $100 per day to turn the lights on and $8 per hour for the workers. Complete the associated table and suppose that each worker just works one hour.
Workers Output Fixed Cost Variable Cost Total Cost Marginal Cost |
0 0 1 15 2 35 3 45 |
3. Calculate the average fixed cost, average variable cost, and average total costs.
Workers Output Average Fixed Cost Average Variable Cost Average Total Cost |
0 0 1 15 2 35 3 45 |
4. Suppose that Chick-fil-B receives $5 for every spicy chicken sandwich that they sell. Complete the associated table.
Workers Output Total Revenue Marginal Revenue Total Cost Marginal Cost |
0 0 1 15 2 35 3 45 |
5. What is the highest profit?
Question1
Average product = output / worker
For worker 1=15/1 =15.
Same calculation will be done for further.
Marginal product =change in quantity / change in number of workers
For worker 1 =15-0/1-0 =15/1 =15.
Same will be calculate further.
Question 2.
Fixed cost= if workers work or not but 100$ is given so it is called fixed cost. Fixed cost remains same and never change with increase of worker.
Variable cost = here $8 per worker cost is given and that is variable cost.
Variable cost = no of worker *per hour wage
For 1 worker =1*8
=8
Same will beccalculate further
Total cost = fixed cost+ variable cost
For 1 worker= 100+8 =108
Same will be calculate further.
Marginal cost= change in cost ÷ change in quantity
For 1 worker = 108-100/15-0 =8/15 =0.53
Same will be calculate further.
Question 3
AFC= FIXED COST /QUANTITY
AVC= VARIABLE COST /QUANTITY
ATC=TOTAL COST /QUANTITY
Question 4.
Revenue =price *quantity
For 1 worker=5*15 =75
Same calculation will be done further.
Marginal revenue = change in total revenue / change in quantity
For 1 worker= 75-0/15-0 =5.
Same calculation will be done further.
Total cost and marginal cost are brings from Question 2 answer.
Question 5.
Profit =total revenue - total cost
For worker 0= 0-100= - 100(loss)
Worker 1= 75-108 =-33(loss)
Worker 2= 175-116= 59(profit)
Worker 3= 225-124= 101(profit)
So highest profit is 101
Module 10 Profit Worksheet 1. Fill out the productivity chart for Spicy Chicken sandwiches at each level of labor at Chi...
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