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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. 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 change if chefs’ wages rose to $125 per day? Suppose the price of pizza increases from $9 to $12. Show what happens to the derived demand curve for chefs.

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Microeconomics: Principles & Policy

14th Edition
William J. Baumol + 2 others
Publisher: Cengage Learning
ISBN: 9781337794992

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Chapter
Section
BuyFindarrow_forward

Microeconomics: Principles & Policy

14th Edition
William J. Baumol + 2 others
Publisher: Cengage Learning
ISBN: 9781337794992
Chapter 19, Problem 1TY
Textbook Problem
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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.

Chapter 19, Problem 1TY, The following table shows the number of pizzas that can be produced by a large pizza parlor

  1. Find the marginal physical product schedule of the pizza chefs.
  2. Assuming a price of $9 per pizza, find the marginal revenue product schedule.
  3. If chefs are paid $100 per day, how many chefs will this pizza parlor employ? How would your answer change if chefs’ wages rose to $125 per day?
  4. Suppose the price of pizza increases from $9 to $12. Show what happens to the derived demand curve for chefs.

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