Help Save Suppose that a campus restaurant increases its number of employees from 2 per day...
Suppose that a firm's only variable input is labor. The firm increases the number of employees from four to five, thereby causing weekly output to rise by three units and total costs to increase from $3,300 per week to $3,600 per week. What is the marginal product of the fifth worker units. (Your answer should be a whole number.)
Show work pretty please. 30. Average total cost a. b. c. d. e. increases as output increases. decreases as output increases. increases if marginal cost is increasing increases if marginal cost is greater than average total cost. both c and d 31. Amonopolist which suffers losses in the short run will continue to operate as long as total revenue covers fixed cost. raise price in order to eliminate losses exit in the long run if there is no plant size...
please help me with the graph and how many workers. thank youu 1. Graphing demand for labour and computing the optimal quantity A company operates in a perfectly competitive market, selling each unit of output for a price of $20 and paying the market wage (marginal resource cost) of $270 per day for each worker it hires. In the following table, complete the column for the marginal revenue product of labour (MRP) at each quantity of workers. Labour (Number of...
3. (35 points) In the post office example, suppose that each full-time employee works 8 hours per day. Thus, Monday's requirement of 17 workers may be viewed as a requirement of 8(17) = 136 hours. The post office may meet its daily labor requirements by using both full-time and part-time employees. During each week, a full-time employee works 8 hours a day for five consecutive days, and a p A full-time employee costs the post office S15 per hour, whereas...
1 and 2 Chapter 13 May 16, 2019 Name 1) Suppose that if a local McDonald's restaurant reduces the price of a Big Mac from $4.00 to $3.25, the number of Big Macs it sells per day will increase from 4 to 5. Explain the output effect and the price effect resulting from this change. Using a graph, illustrate both the loss in revenue from selling each of the first 4 Big Macs for $0.75 less and the additional revenue...
A company pays its employees as managers (who receive a fixed weekly salary), hourly workers (who receive a fixed hourly wage for up to the first 40 hours they work and “time-and-a-half,” i.e. 1.5 times their hourly wage, for overtime hours worked), commission workers (who receive $250 plus 5.7% of their gross weekly sales), or pieceworkers (who receive a fixed amount of money per item for each of the items they produce-each pieceworker in this company works on only one...
1. Ralph owns a small pizza restaurant, where he works full-time in the kitchen. His total revenue last year was $100,000, and his rent was $3,000 per month. He pays his one employee $2,000 per month, and the cost of ingredients and overhead averages $500 per month. Ralph could earn $35,000 per year as the manager of a competing pizza restaurant nearby. His total explicit costs for the year were a. $24,000. b. $66,000. c. $72,000. d. $60,000. e. $6,000....
2. Inputs and outputs Eric's Performance Pizza is a small restaurant in New York City that sells gluten-free pizzas. Eric's very tiny kitchen has barely enough room for the two ovens in which his workers bake the pizzas, Eric signed a lease obligating him to pay the rent for the two ovens for the next year. Because of this and because Eric's kitchen cannot fit more than two ovens, Eric cannot change the number of ovens he uses in his...
2. Inputs and outputs Tim's Performance Pizza is a small restaurant in Chicago that sells gluten-free pizzas. Tim's very tiny kitchen has barely enough room for the two ovens in which his workers bake the pizzas. Tim signed a lease obligating him to pay the rent for the two ovens for the next year. Because of this, and because Tim's kitchen cannot fit more than two ovens, Tim cannot change the number of ovens he uses in his production of...
2. Inputs and outputs Raphael's Performance Pizza is a small restaurant in San Diego that sells gluten-free pizzas. Raphael's very tiny kitchen has barely enough room for the two ovens in which his workers bake the pizzas. Raphael signed a lease obligating him to pay the rent for the two ovens for the next year. Because of this, and because Raphael's kitchen cannot fit more than two ovens, Raphael cannot change the number of ovens he uses in his production...