ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN: 9780190931919
Author: NEWNAN
Publisher: Oxford University Press
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Question 1
When the store hires two workers, they are able to serve 17 customers per hour. When the store
hires three workers they are able to serve 31 customers per hour. Each customer spends an
average of $6 in the store. What is the marginal benefit of hiring the third worker? Enter a whole
number, with no dollar sign.
Question 2
When a firm produces one more unit of output the total revenue increases from $807 to $1,013,
and the total cost increases from $536 to $660. When this last unit of output was produced, what
was the change in profit? Enter a whole number with no dollar sign. Enter a negative sign if
appropriate.
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Transcribed Image Text:Question 1 When the store hires two workers, they are able to serve 17 customers per hour. When the store hires three workers they are able to serve 31 customers per hour. Each customer spends an average of $6 in the store. What is the marginal benefit of hiring the third worker? Enter a whole number, with no dollar sign. Question 2 When a firm produces one more unit of output the total revenue increases from $807 to $1,013, and the total cost increases from $536 to $660. When this last unit of output was produced, what was the change in profit? Enter a whole number with no dollar sign. Enter a negative sign if appropriate.
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