EBK ECONOMICS: PRINCIPLES AND POLICY
13th Edition
ISBN: 9781305465626
Author: Blinder
Publisher: CENGAGE LEARNING - CONSIGNMENT
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Question
Chapter 19, Problem 1TY
(a)
To determine
Calculate the marginal physical product.
(b)
To determine
Calculate the marginal revenue product when the
(c)
To determine
Number of chefs employed.
(d)
To determine
Demand for the chef.
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The following table shows the number of pizzas that can be produced by a large pizza parlor employing various numbers of pizza chefs.
Number of Chefs Number of Pizzas per Day
1 40
2 64
3 82
4 92
5 100
6 92
Find the marginal physical product schedule of the pizza chefs.
Assuming a price of $9 per pizza, find the marginal revenue product schedule.
If chefs are paid $100 per day, how many chefs will this pizza parlor employ? How would your answer…
these are the drop down options
Washes per hour
dollars
At the local Wendy's franchise, the hourly wage is $9 per worker. The franchise employs 15 workers per hour, and the marginal product of labor is 3 burgers per hour. The price of each burger is $3.50. Is the franchise maximizing profit? If not, would it increase profit by employing more workers or fewer workers? Briefly explain your answer.
Chapter 19 Solutions
EBK ECONOMICS: PRINCIPLES AND POLICY
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