Janet's Performance Pizza is a small restaurant in Miami that sells gluten-free pizzas. Janet's very tiny kitchen has barely enough room for the four ovens in which her workers bake the pizzas. Janet signed a lease obligating her to pay the rent for the four ovens for the next year. Because of this, and because Janet's kitchen cannot fit more than four ovens, Janet cannot change the number of ovens she uses in her production of pizzas in the short run. However, Janet's decision regarding how many workers to use can vary from week to week because her workers tend to be students. Each Monday, Janet lets them know how many workers she needs for each day of the week. In the short run, these workers are are inputs. inputs, and the ovens Janet's daily production schedule is presented in the following table. Fill in the blanks to complete the Marginal Product column for each worker. Total Output Marginal Product Number of Workers (Pizzas) (Pizzas) 0 1 50 2 90 3 120 4 140 5 150

Janet's Performance Pizza is a small restaurant in Miami that sells gluten-free pizzas. Janet's very tiny kitchen has barely enough room for the four ovens in which her workers bake the pizzas. Janet signed a lease obligating her to pay the rent for the four ovens for the next year. Because of this, and because Janet's kitchen cannot fit more than four ovens, Janet cannot change the number of ovens she uses in her production of pizzas in the short run. However, Janet's decision regarding how many workers to use can vary from week to week because her workers tend to be students. Each Monday, Janet lets them know how many workers she needs for each day of the week. In the short run, these workers are are inputs. inputs, and the ovens Janet's daily production schedule is presented in the following table. Fill in the blanks to complete the Marginal Product column for each worker. Total Output Marginal Product Number of Workers (Pizzas) (Pizzas) 0 1 50 2 90 3 120 4 140 5 150

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

See similar textbooks

Similar questions

Charles's Performance Pizza is a small restaurant in Houston that sells gluten-free pizzas. Charles's very tiny kitchen has barely enough room for the two ovens in which his workers bake the pizzas. Charles signed a lease obligating him to pay the rent for the two ovens for the next year. Because of this, and because Charles's kitchen cannot fit more than two ovens, Charles cannot change the number of ovens he uses in his production of pizzas in the short run. However, Charles's decision regarding how many workers to use can vary from week to week because his workers tend to be students. Each Monday, Charles 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 inputs. Charles'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)…
Charles's Performance Pizza is a small restaurant in Houston that sells gluten-free pizzas. Charles's very tiny kitchen has barely enough room for the two ovens in which his workers bake the pizzas. Charles signed a lease obligating him to pay the rent for the two ovens for the next year. Because of this, and because Charles's kitchen cannot fit more than two ovens, Charles cannot change the number of ovens he uses in his production of pizzas in the short run. However, Charles's decision regarding how many workers to use can vary from week to week because his workers tend to be students. Each Monday, Charles lets them know how many workers he needs for each day of the week. In the short run, these workers are variable inputs, and the ovens are fixed inputs. Charles'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)…
Valerie's Performance Pizza is a small restaurant in Denver that sells gluten-free pizzas. Valerie's very tiny kitchen has barely enough room for the two ovens in which her workers bake the pizzas. Valerie signed a lease obligating her to pay the rent for the two ovens for the next year. Because of this, and because Valerie's kitchen cannot fit more than two ovens, Valerie cannot change the number of ovens she uses in her production of pizzas in the short run. However, Valerie's decision regarding how many workers to use can vary from week to week because her workers tend to be students. Each Monday, Valerie lets them know how many workers she needs for each day of the week. In the short run, these workers are resources, and the ovens are * resources. Valerie'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. Total Product Marginal Product of Labor Number of Workers (Pizzas) (Pizzas) 1…
Kenji's Performance Pizza is a small restaurant in Ottawa that sells gluten-free pizzas. Kenji's very tiny kitchen has barely enough room for the two ovens in which his workers bake the pizzas. Kenji signed a lease obligating him to pay the rent for the two ovens for the next year. Because of this, and because Kenji's kitchen cannot fit more than two ovens, Kenji cannot change the number of ovens he uses in his production of pizzas in the short run. However, Kenji's decision regarding how many workers to use can vary from week to week because his workers tend to be students. Each Monday, Kenji lets them know how many workers he needs for each day of the week. In the short run, these workers are ______ (VARIABLE or FIXED) inputs, and the ovens are ______ (VARIABLE or FIXED) inputs.
yoko's Performance Pizza is a small restaurant in San Francisco that sells gluten-free pizzas. Kyoko's very tiny kitchen has barely enough room for he three ovens in which her workers bake the pizzas. Kyoko signed a lease obligating her to pay the rent for the three ovens for the next year. Because of this, and because Kyoko's kitchen cannot fit more than three ovens, Kyoko cannot change the number of ovens she uses in her production of pizzas in the short run. However, Kyoko's decision regarding how many workers to use can vary from week to week because her workers tend to be students. Each Monday, inputs, and the Kyoko lets them know how many workers she needs for each day of the week. In the short run, these workers are ovens are inputs. Kyoko'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. Marginal Product of Labor (Pizzas) Labor Output (Number of workers) (Pizzas) 1 70 2. 120 160…
Bill runs a business that makes custom-printed towels. It will cost him $8 each to purchase and print on towels, and he will have to pay a rent of $1,700 per month for him workshop. Based on market research, Bill estimates that he can sell custom towels for $25 each. a) Calculate the number of towels he needs to sell per month to break-even. towels b) Calculate the break-even in dollars (round off to the nearest cent).
Heart’s Italian restaurant has just been notified by her landlord that the monthly lease on the building in which the restaurant operates will increase by 20 percent at the beginning of the year. Her current prices are competitive with nearby restaurants of similar quality. However, she is now considering raising her prices by 20 percent to offset the increase in her monthly rent. Would you recommend that she raise prices? Explain.
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…
Marah is deciding whether or not to open a lemonade stand. She expects to sell 20 cups of lemonade for $1 per cup. She already made a sign that cost her $10 and will have $15 worth of additional costs for cups and lemonade mix if she decides to open the stand.
Jack decides to quit his job paying $28,000 a ycar and start his own business manufacturing and selling Extreme skatcboards. Jack invests $40,000 of his own moncy from his savings account, which had been earning him $2,000 in interest. The lease on the space Jack is renting costs him $10,000 a year. Jack's utilities (water, clectricity, ctc.) cost him roughly $5,000 a year. The cost of buying the materials for the skateboards is $20,000 a year. To assist him in maintaining the store and production facility, Jack hires Sara, part-time, at a salary of $10,000 a year. Jack knows his labor, skills and knowledge (entreprencurial abil $10,000, Revecnuc for Extreme skateboards was $85,000. of the skateboard industry is worth Compute Jack's accounting profit and cconomic profit. Will Jack continuc to operate his own extreme sports shop or will he quit and do something clsc? Explain
Dexter set up a computer repair business out of his home office. Based on the square footage of his office, he allocates a fixed cost of $400 per month in mortgage expenses. He also has a monthly internet bill of $45 and a monthly phone bill of $35. While repairs vary greatly, Dexter estimates an average of $19 in expenses per repair and charges a flat $49 fee per repair for his labor. 3a. How many computers does Dexter need to repair each month to break even?__________3b. What is Dexter’s profit / loss if he only repairs 8 computers in a month?__________3c. What fee would Dexter need to charge to break even at 8 repairs?
Suppose you manage a business that produces high-end dog food. The business produces 3,000 dog food cans per day, and can sell each can at $2.00/can regardless of how much is produced. Your firm currently employs 20 workers, each of whom earns $15/hour and work 8 hours per day. Inputs, like the meat for the food and the metal for the can, cost $1.00/can. Your overhead expenses, including rent, property taxes, insurance, etc., which does not vary with the number of cans produced, equals $250 per day. a. (3) Calculate your company’s current daily profit. You’re considering whether to hire additional workers to produce additional cans. Each worker would be paid $15/hr. and material costs remain constant at $1.00/can. You estimate the 21st employee would produce an additional 200 cans per day, and the number of additional cans from each additional worker would be decreasing by 40 (a 22nd employee could produce an additional 160 cans per day, a 23rd employee could produce an additional…