Business, 20.02.2020 03:37 evazquez

Becky's Performance Pizza is a small restaurant in Detroit that sells gluten-free pizzas. Becky's very tiny kitchen has barely enough room for the four ovens in which her workers bake the pizzas. Becky signed a lease obligating her to pay the rent for the four ovens for the next year. Because of this, and because Becky's kitchen cannot fit more than four ovens, Becky cannot change the number of ovens she uses in her production of pizzas in the short run.

However, Becky's decision regarding how many workers to use can vary from week to week because her workers tend to be students. Each Monday, Becky lets them know how many workers she needs for each day of the week. In the short run, these workers arevariable inputs, and the ovens arefixed inputs.

Becky'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 50
2 90
3 120
4 140
5 150
On the following graph, plot Becky'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 Function012345200180160140120100806 040200QUANTITY OF OUTPUT (Pizzas)LABOR HIRED (Number of workers)

Suppose that labor is Becky's only variable cost and that she has a fixed cost of $30 per day and pays each of her workers $30 per day.

Use the orange points (square symbol) to plot Becky's total cost curve on the following graph using the quantities from the preceding table.

Total Cost0204060801001201401601802002001 80160140120100806040200TOTAL COST (Dollars)QUANTITY OF OUTPUT (Pizzas)

True or False: The shape of the production function reflects the law of diminishing marginal returns.

True

False

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Becky's Performance Pizza is a small restaurant in Detroit that sells gluten-free pizzas. Becky's ve...

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