I need help to see if I am doing this correctly, and I'm not sure how to plot and answer the last question. Thank you. 5. Inputs and outputsYvette's Performance Pizza is a small restaurant in Miami that sells gluten-free pizzas. Yvette's very tiny kitchen has barely enough room for the threeovens in which her workers bake the pizzas. Yvette signed a lease obligating her to pay the rent for the three ovens for the next year. Because of this,and because Yvette's kitchen cannot fit more than three ovens, Yvette cannot change the number of ovens she uses in her production of pizzas in theshort run.However, Yvette's decision regarding how many workers to use can vary from week to week because her workers tend to be students. Each Monday,Yvette lets them know how many workers she needs for each day of the week. In the short run, these workers are variable inputs, and theovens are fixedinputs.Yvette's daily production schedule is presented in the following table.Fill in the blanks to complete the Marginal Physical Product of Labor column for each worker.Output(Pizzas)Marginal Physical Product of Labor(Pizzas)Number of Workers0123450601001301501606040302010 Suppose that labor is Yvette's only variable cost and that she has a fixed cost of $20 per day and pays each of her workers $30 per day.Use the orange points (square symbol) to plot Yvette's total cost curve on the following graph using the quantities from the preceding table.TOTAL COST (Dollars)200180160140120100806040200020True40 60 80 100 120 140 160 180 200QUANTITY OF OUTPUT (Pizzas)True or False: The shape of the total physical product curve reflects the law of increasing marginal returns.FalseTotal Cost

Factors of production are the resources used in the production of goods and services. Factors of…

Yvette's Performance Pizza is a small restaurant in Miami that sells gluten-free pizzas. Yvette's very tiny kitchen has barely enough room for the three ovens in which her workers bake the pizzas. Yvette signed a lease obligating her to pay the rent for the three ovens for the next year. Because of this, and because Yvette's kitchen cannot fit more than three ovens, Yvette cannot change the number of ovens she uses in her production of pizzas in the short run.

Yvette's Performance Pizza is a small restaurant in Miami that sells gluten-free pizzas. Yvette's very tiny kitchen has barely enough room for the three ovens in which her workers bake the pizzas. Yvette signed a lease obligating her to pay the rent for the three ovens for the next year. Because of this, and because Yvette's kitchen cannot fit more than three ovens, Yvette cannot change the number of ovens she uses in her production of pizzas in the short run.

Essentials of Economics (MindTap Course List)

8th Edition

ISBN:9781337091992

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter12: The Cost Of Production

Section: Chapter Questions

Problem 3PA

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