Inputs and outputs Charles's Performance Pizza is a small restaurant in Philadelphia that sells gluten-free pizzas. Charles's very tiny kitchen has barely enough room for the three ovens in which his workers bake the pizzas. Charles signed a lease obligating him to pay the rent for the three ovens for the next year. Because of this, and because Charles's kitchen cannot fit more than three 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 inputs, and the ovens are 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. Number of Workers Output Marginal Product of Labor (Pizzas) (Pizzas) 0 0 1 70 2 120 3 160 4 190 5 200 On the following graph, plot Charles'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). Production Function 0 1 2 3 4 5 200 180 160 140 120 100 80 60 40 20 0 QUANTITY OF OUTPUT (Pizzas) LABOR HIRED (Number of workers) Suppose that labor is Charles's only variable cost and that he has a fixed cost of $10 per day and pays each of his workers $50 per day. Use the orange points (square symbol) to plot Charles's total cost curve on the following graph using the quantities from the preceding table. Total Cost 0 20 40 60 80 100 120 140 160 180 200 280 260 240 220 200 180 160 140 120 100 80 60 40 20 0 TOTAL COST (Dollars) QUANTITY OF OUTPUT (Pizzas) True or False: The shape of the production function reflects the law of diminishing marginal returns. True False
Inputs and outputs Charles's Performance Pizza is a small restaurant in Philadelphia that sells gluten-free pizzas....
Jake's Performance Pizza is a small restaurant in New York City that sells gluten-free pizzas. Jake's very tiny kitchen has barely enough room for the four ovens in which his workers bake the pizzas. Jake signed a lease obligating him to pay the rent for the four ovens for the next year. Because of this, and because Jake's kitchen cannot fit more than four ovens, Jake cannot change the number of ovens he uses in his production of pizzas in...
8. Inputs and outputs Clancy's Performance Pizza is a small restaurant in Houston that sells gluten-free pizzas. Clancy's very tiny kitchen has barely enough room for the three ovens in which his workers bake the pizzas. Clancy signed a lease obligating him to pay the rent for the three ovens for the next year. Because of this, and because Clancy's kitchen cannot fit more than three ovens, Clancy cannot change the number of ovens he uses in his production of...
2. Inputs and outputs Amy's Performance Pizza is a small restaurant in Dallas that sells gluten-free pizzas. Amy's very tiny kitchen has barely enough room for the three ovens in which her workers bake the pizzas. Amy signed a lease obligating her to pay the rent for the three ovens for the next year. Because of this, and because Amy's kitchen cannot fit more than three ovens, Amy cannot change the number of ovens she uses in her production of...
Sam's Performance Pizza is a small restaurant in San Diego that sells gluten-free pizzas. Sam's very tiny kitchen has barely enough room for the two ovens in which his workers bake the pizzas. Sam signed a lease obligating him to pay the rent for the two ovens for the next year. Because of this, and because Sam's kitchen cannot fit more than two ovens, Sam cannot change the number of ovens he uses in his production of pizzas in the...
2. Inputs and outputs Dina's Performance Pizza is a small restaurant in Dallas that sells gluten-free pizzas. Dina's very tiny kitchen has barely enough room for the two ovens in which her workers bake the pizzas. Dina signed a lease obligating her to pay the rent for the two ovens for the next year. Because of this, and because Dina's kitchen cannot fit more than two ovens, Dina cannot change the number of ovens she uses in her production of...
2. Inputs and outputs Larry's Performance Plaza is a small restaurant in Philadelphia that sells gluten free pizzas. Larry's very tiny kitchen has barely enough room for the three ovens in which his workers bake the pizzas. Larry signed a lease obligating him to pay the rent for the three ovens for the next year Hecause of this, and because Lany's kitchen cannot fit more than three ovens, Larry cannot change the number of ovens he uses in his production...
Attempts: Keep the Highest: 75 2. Inputs and outputs Carlos's Performance Pizza is a small restaurant in New York City that sells gluten-free pizzas. Carlos's very tiny kitchen has barely enough room for the four ovens in which his workers bake the pizzas. Carlos signed a lease obligating him to pay the rent for the four ovens for the next year. Because of this, and because Carlos's kitchen cannot fit more than four ovens, Carlos cannot change the number of...
2. Inputs and outputs Tim's Performance Pizza is a small restaurant in Chicago that sells gluten-free pizzas. Tim's very tiny kitchen has barely enough room for the two ovens in which his workers bake the pizzas. Tim signed a lease obligating him to pay the rent for the two ovens for the next year. Because of this, and because Tim's kitchen cannot fit more than two ovens, Tim cannot change the number of ovens he uses in his production of...
2. Inputs and outputs Ana's Performance Pizza is a small restaurant in Miami that sells gluten-free pizzas. Ana's very tiny kitchen has barely enough room for the three ovens in which her workers bake the pizzas. Ana signed a lease obligating her to pay the rent for the three ovens for the next year. Because of this, and because Ana's kitchen cannot fit more than three ovens, Ana cannot change the number of ovens she uses in her production of...
2. Inputs and outputs Raphael's Performance Pizza is a small restaurant in San Diego that sells gluten-free pizzas. Raphael's very tiny kitchen has barely enough room for the two ovens in which his workers bake the pizzas. Raphael signed a lease obligating him to pay the rent for the two ovens for the next year. Because of this, and because Raphael's kitchen cannot fit more than two ovens, Raphael cannot change the number of ovens he uses in his production...