ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN: 9780190931919
Author: NEWNAN
Publisher: Oxford University Press
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Question

I am having trouble understanding how to answer the last part of this question. I am providing the work I did on the remainder of the problem to provide context, but the multiple choice question is what I'm stuck on. If you see an error in my previous work that would cause me to have trouble with this last question, please let me know and I will fix it. Thank you!

2. Inputs and outputs Brian's Performance Pizza is a small restaurant in Houston that sells gluten-free pizzas. Brian's very tiny kitchen has barely enough room for the four ovens in which his workers bake the pizzas. Brian signed a lease obligating him to pay the rent for the four ovens for the next year. Because of this, and because Brian's kitchen cannot fit more than four ovens, Brian cannot change the number of ovens he uses in his production of pizzas in the short run. However, Brian's decision regarding how many workers to use can vary from week to week because his workers tend to be students. Each Monday, Brian lets them know how many workers he needs for each day of the week, In the short run, these workers are variable v inputs, and the ovens are fixed v inputs. Brian'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) 80 80 70 150 50 200 20 4 220 10 230
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Transcribed Image Text:2. Inputs and outputs Brian's Performance Pizza is a small restaurant in Houston that sells gluten-free pizzas. Brian's very tiny kitchen has barely enough room for the four ovens in which his workers bake the pizzas. Brian signed a lease obligating him to pay the rent for the four ovens for the next year. Because of this, and because Brian's kitchen cannot fit more than four ovens, Brian cannot change the number of ovens he uses in his production of pizzas in the short run. However, Brian's decision regarding how many workers to use can vary from week to week because his workers tend to be students. Each Monday, Brian lets them know how many workers he needs for each day of the week, In the short run, these workers are variable v inputs, and the ovens are fixed v inputs. Brian'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) 80 80 70 150 50 200 20 4 220 10 230
On the following graph, plot Brlan'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. Hint: Be sure to plot the first point at (0, 0). 250 225 Production Funcion 200 175 150 125 100 75 50 25 4 LABOR (Number of workers) Suppose that labor is Brian's only varlable 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 Brian's total cost curve on the following graph using the quantities from the preceding table. 200 180 Total Cost 160 140 120 100 B0 60 40 20 25 50 75 100 125 150 175 200 225 250 QUANTITY OF OUTPUT (Pizzas) The law of diminishing marginal product of labor is demonstrated by which of the following? O Total output Increases only when you increase both labor and ovens. Total output increases at a decreasing rate as you increase the quantity of labor. O Total output declines as you Increase the quantity of labor. TOTAL COST (Dollars) QUANTITY OF OUTPUT (Pizzas)
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Transcribed Image Text:On the following graph, plot Brlan'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. Hint: Be sure to plot the first point at (0, 0). 250 225 Production Funcion 200 175 150 125 100 75 50 25 4 LABOR (Number of workers) Suppose that labor is Brian's only varlable 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 Brian's total cost curve on the following graph using the quantities from the preceding table. 200 180 Total Cost 160 140 120 100 B0 60 40 20 25 50 75 100 125 150 175 200 225 250 QUANTITY OF OUTPUT (Pizzas) The law of diminishing marginal product of labor is demonstrated by which of the following? O Total output Increases only when you increase both labor and ovens. Total output increases at a decreasing rate as you increase the quantity of labor. O Total output declines as you Increase the quantity of labor. TOTAL COST (Dollars) QUANTITY OF OUTPUT (Pizzas)
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