3.1 Every weekend more than 500 different vendors set up at the local farmers' market, selling a variety of items from homemade prepared foods to fresh produce. Yolanda rents a booth each weekend at the farmers' market to sell homemade tamales for $10 a dozen. Yolanda pays each of her four cousins $20 per hour to make the tamales on Friday evenings in the food truck she operates for week- day lunch service. Yolanda sells 60 dozen tamales each weekend at the farmers' market, which takes her cousins four hours to make each Friday. The cost of ingredients for all the tamales totals $240 and the booth at the farmers'

3.1 Every weekend more than 500 different vendors set up at the local farmers' market, selling a variety of items from homemade prepared foods to fresh produce. Yolanda rents a booth each weekend at the farmers' market to sell homemade tamales for $10 a dozen. Yolanda pays each of her four cousins $20 per hour to make the tamales on Friday evenings in the food truck she operates for week- day lunch service. Yolanda sells 60 dozen tamales each weekend at the farmers' market, which takes her cousins four hours to make each Friday. The cost of ingredients for all the tamales totals $240 and the booth at the farmers'

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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An anicle on forbes.com discussed a business decision by Mant OHayer, owner of Vital Farms. OHayer was one of the first poultry farmers to begin selling pasture-raised eggr. He commited to raising his chickens with each having 108 teet of oundoor space. According to the article, "It was one of many decisions he made knowing it would likely limit his company's growth." Source: Chloe Sorvino, "How Whole Foods Favorite Vital Farms Made Pasture-Raised Eggs Mainstream," torbes.com, May 31, 2018. a. in what sense did OHayer's decision to take on these additional costs of raising chickens imit his company's growth? OA Chickens raised in larger cages move around more and will therefore eat less chicken teed that those raised in smaler cages OB. Chickens rased in larger cages are less kely to be injured or kled by being pecked by other chickens OC Raising chickens in larger cages reduces the rumber of chickens he can raise on a given amount of land D. Al of the above
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Poornima's Performance Pizza is a small restaurant in San Francisco that sells gluten-free pizzas. Poornima's very tiny kitchen has barely enough room for the three ovens in which her workers bake the pizzas. Poornima signed a lease obligating her to pay the rent for the three ovens for the next year. Because of this, and because Poornima's kitchen cannot fit more than three ovens, Poornima cannot change the number of ovens she uses in her production of pizzas in the short run. However, Poornima's decision regarding how many workers to use can vary from week to week because her workers tend to be students. Each Monday, Poornima lets them know how many workers she needs for each day of the week. In the short run, these workers are inputs, and the ovens are inputs. Poornima's daily production schedule is presented in the following table. Fill in the blanks to complete the Marginal Product of Labor column for each worker. Labor Output Marginal Product of Labor…
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9. Problems and Applications Q9 The market for apple pies in the city of Ectenia is competitive and has the following demand schedule: Each producer in the market has a fixed cost of $6 and the following marginal cost: Quantity Marginal Cost (Dollars) 1 1 2 3 4 5 6 Complete the following table by computing the total cost and average total cost for each quantity produced. Quantity Total Cost Average Total Cost (Ples) (Dollars) (Dollars) 1 2 3 4 3 8 10 12 14 The price of a pie is now $11. At a price of $11, making a profit of O True O Fal pies are sold in the market. Each producer makes True or False: The market is in long-run equilibrium. Suppose that in the long run there is free entry and exit. In the long run, each producer earns a profit of each producer makes pies, so there are The market price is producers operating. pies, so there are At this price, producers in this market, each pies are sold in this market, and
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