Joan rents ovens at a local shared commercial kitchen to make cakes. The table below shows the number of ovens and the marginal product. Suppose that Joan sells her cakes for $15.00. Ovens Marginal Product (cakes per day) Price per Cake Marginal Revenue Product 0 -- $15.00 -- 1 10 15.00 $150.00 2 8 15.00 120.00 3 6 15.00 90.00 4 4 15.00 60.00 5 2 15.00 30.00 If the cost to rent an oven for the day is $60, how many ovens will Joan rent? Multiple Choice three ovens two ovens five ovens four oven

Joan rents ovens at a local shared commercial kitchen to make cakes. The table below shows the number of ovens and the marginal product. Suppose that Joan sells her cakes for $15.00. Ovens Marginal Product (cakes per day) Price per Cake Marginal Revenue Product 0 -- $15.00 -- 1 10 15.00 $150.00 2 8 15.00 120.00 3 6 15.00 90.00 4 4 15.00 60.00 5 2 15.00 30.00 If the cost to rent an oven for the day is $60, how many ovens will Joan rent? Multiple Choice three ovens two ovens five ovens four oven

Managerial Economics: A Problem Solving Approach

5th Edition

ISBN:9781337106665

Author:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor

Publisher:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor

Chapter16: Bargaining

Section: Chapter Questions

Problem 8MC

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Q50 Justin Trudeau, who owns a barbershop in Ottawa, charges $8 per haircut. By hiring one barber named Sophie, at $11 per hour, the shop can provide 22 haircuts per eight-hour day. By hiring a second barber, Gregoire, at the same wage rate, the shop can now provide a total of 42 haircuts per day. The MRP of the second barber, Gregoire, is Multiple Choice 20 haircuts. negative. $160. $220. 42 haircuts.
A farm can produce 10,000 bushels of wheat per year with five workers and 13,000 bushels with sex workers the marginal product of the six worker is?
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Ovens	Marginal Product (cakes per day)	Price per Cake	Marginal Revenue Product
0	--	$15.00	--
1	10	15.00	$150.00
2	8	15.00	120.00
3	6	15.00	90.00
4	4	15.00	60.00
5	2	15.00	30.00