2. Inputs and outputs Kevin's Performance Pizza is a small restaurant in Chicago that sells gluten-free pizzas. Kevin's very tiny kitchen has barely enough room for the two ovens in which his workers bake the pizzas. Kevin signed a lease obligating him to pay the rent for the two ovens for the next year. Because of this, and because Kevin's kitchen cannot fit more than two ovens, Kevin cannot change the number of ovens he uses in his production of pizzas in the short "un. 因 However, Kevin's decision regarding how many workers to use can vary from week to week because his workers tend to be students. Each Monday, Kevin lets them know how many workers he needs for each day of the week. In the short run, these workers are inputs, and the ovens are inputs. Kevin'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 (Number of workers) (Pizzas) (Pizzas) 1. 150 2. 3. 220 230 On the following graph, plot Kevin's production function using the green points (triangle symbol). Note: Plot your points in the order in which you would like them connected. Line segments will connect the points automatically. MacBook Pro G Search or type URL -> 3. 4. 081 S. H. B. N 十 5 F. 25 QUANTITY OF OUTPUT (Pizzas) Note: Plot your points in the order in which you would like them connected. Line segments will connect the points automatically. Hint: Be sure to plot the first point at (0, 0). 250 225 Production Function 175 150 125 00 0 75 3 4. LABOR (Number of workers) Suppose that labor is Kevin's only variable cost and that he has a fixed cost of $15 per day and pays each of his workers $30 per day. Use the orange points (square symbol) to plot Kevin's total cost curve on the following graph using the quantities from the preceding table. MacBook Pro -> Search or type URL & 3. 9. 00 6
2. Inputs and outputs Kevin's Performance Pizza is a small restaurant in Chicago that sells gluten-free pizzas. Kevin's very tiny kitchen has barely enough room for the two ovens in which his workers bake the pizzas. Kevin signed a lease obligating him to pay the rent for the two ovens for the next year. Because of this, and because Kevin's kitchen cannot fit more than two ovens, Kevin cannot change the number of ovens he uses in his production of pizzas in the short "un. 因 However, Kevin's decision regarding how many workers to use can vary from week to week because his workers tend to be students. Each Monday, Kevin lets them know how many workers he needs for each day of the week. In the short run, these workers are inputs, and the ovens are inputs. Kevin'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 (Number of workers) (Pizzas) (Pizzas) 1. 150 2. 3. 220 230 On the following graph, plot Kevin's production function using the green points (triangle symbol). Note: Plot your points in the order in which you would like them connected. Line segments will connect the points automatically. MacBook Pro G Search or type URL -> 3. 4. 081 S. H. B. N 十 5 F. 25 QUANTITY OF OUTPUT (Pizzas) Note: Plot your points in the order in which you would like them connected. Line segments will connect the points automatically. Hint: Be sure to plot the first point at (0, 0). 250 225 Production Function 175 150 125 00 0 75 3 4. LABOR (Number of workers) Suppose that labor is Kevin's only variable cost and that he has a fixed cost of $15 per day and pays each of his workers $30 per day. Use the orange points (square symbol) to plot Kevin's total cost curve on the following graph using the quantities from the preceding table. MacBook Pro -> Search or type URL & 3. 9. 00 6
Chapter9: Production Functions
Section: Chapter Questions
Problem 9.3P
Related questions
Question
Transcribed Image Text:2. Inputs and outputs
Kevin's Performance Pizza is a small restaurant in Chicago that sells gluten-free pizzas. Kevin's very tiny kitchen has barely enough room for the two
ovens in which his workers bake the pizzas. Kevin signed a lease obligating him to pay the rent for the two ovens for the next year. Because of this,
and because Kevin's kitchen cannot fit more than two ovens, Kevin cannot change the number of ovens he uses in his production of pizzas in the short
"un.
因
However, Kevin's decision regarding how many workers to use can vary from week to week because his workers tend to be students. Each Monday,
Kevin lets them know how many workers he needs for each day of the week. In the short run, these workers are
inputs, and the ovens
are
inputs.
Kevin'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
(Number of workers)
(Pizzas)
(Pizzas)
1.
150
2.
3.
220
230
On the following graph, plot Kevin's production function using the green points (triangle symbol).
Note: Plot your points in the order in which you would like them connected. Line segments will connect the points automatically.
MacBook Pro
G Search or type URL
->
3.
4.
081
S.
H.
B.
N
Transcribed Image Text:十
5
F.
25
QUANTITY OF OUTPUT (Pizzas)
Note: Plot your points in the order in which you would like them connected. Line segments will connect the points automatically.
Hint: Be sure to plot the first point at (0, 0).
250
225
Production Function
175
150
125
00 0
75
3
4.
LABOR (Number of workers)
Suppose that labor is Kevin's only variable cost and that he has a fixed cost of $15 per day and pays each of his workers $30 per day.
Use the orange points (square symbol) to plot Kevin's total cost curve on the following graph using the quantities from the preceding table.
MacBook Pro
->
Search or type URL
&
3.
9.
00
6
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 3 steps with 2 images
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.Recommended textbooks for you
Essentials of Economics (MindTap Course List)
Economics
ISBN:
9781337091992
Author:
N. Gregory Mankiw
Publisher:
Cengage Learning
Microeconomics: Private and Public Choice (MindTa…
Economics
ISBN:
9781305506893
Author:
James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Publisher:
Cengage Learning
Essentials of Economics (MindTap Course List)
Economics
ISBN:
9781337091992
Author:
N. Gregory Mankiw
Publisher:
Cengage Learning
Microeconomics: Private and Public Choice (MindTa…
Economics
ISBN:
9781305506893
Author:
James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Publisher:
Cengage Learning
Economics: Private and Public Choice (MindTap Cou…
Economics
ISBN:
9781305506725
Author:
James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Publisher:
Cengage Learning
Microeconomics: Principles & Policy
Economics
ISBN:
9781337794992
Author:
William J. Baumol, Alan S. Blinder, John L. Solow
Publisher:
Cengage Learning