The consequence of hiring the 11 t h worker for the sales team of a newspaper.

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Chapter 11, Problem 3P

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The consequence of hiring the 11th worker for the sales team of a newspaper.

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Your team can produce an output equal to Q=1000 units and you have two inputs or resources to use. These resources are labor and capital. Assume the wage rate is is $10 for labor and renting cost for a machine is $20. Suppose you have three combinations of resources available to you and these are: Option I Labor = 10 Capital = 5 Option II Labor = 4 Capital = 8 Option III Labor = 14 Capital = 2 Find the least cost method and decide which method you will select to produce Q=1000 (show your work below)

Blast! Turns out child workers are not as productive as adults that I was basing my decision off of. Basically, they are two minutes slower across the board: # of Concession Stand Employees Average Wait Time (Minutes) Average Wait Time (Minutes) with Child Employees 1 18 20 2 8 10 3 6 8 4 5 7 5 7 9 At the daily rate of $12.50 per child worker per day, how many should I hire? (If you are doing this correctly you are thinking with marginal analysis, and if so, might be wondering if this is a trick question. It is not, it is quite straight forward precisely because of marginal analysis!)

Your team can produce an output equal to Q=1000 units and you have two inputs or resources to use. These resources are labor and capital. Assume the wage rate is is $10 for labor and renting cost for a machine is $20. Suppose you have three combinations of resources available to you and these are: Option I Labor = 10 Capital = 5 Option II Labor = 4 Capital = 8 Option III Labor = 14 Capital = 2 Find the least cost method and decide which method you will select to produce Q=1000