SuperTutor

(15)

$15/per page/Negotiable

About SuperTutor

Levels Tought:
Elementary,Middle School,High School,College,University,PHD

Expertise:
Accounting,Business & Finance See all
Accounting,Business & Finance,Economics,Engineering,HR Management,Math Hide all
Teaching Since: Apr 2017
Last Sign in: 327 Weeks Ago, 5 Days Ago
Questions Answered: 12843
Tutorials Posted: 12834

Education

  • MBA, Ph.D in Management
    Harvard university
    Feb-1997 - Aug-2003

Experience

  • Professor
    Strayer University
    Jan-2007 - Present

Category > Economics Posted 22 Jun 2017 My Price 7.00

Labor Worksheet

Labor Worksheet
The table below represents a production schedule for Quincy’s Quiche Corner, a restaurant in a mall that
sells quiches. Assume Quincy’s operates in a perfectly competitive environment (in both input and output
markets).
Fill in the missing values in the table, assuming the selling price of each quiche is $3.
Number of Workers Output (quiches per hour) Marginal Product Value of Marginal Product 0 0 1 10 10 $30 2 18 _____ $24 3 24 6 _____ 4 28 _____ $12 5 30 _____ _____ Does marginal product increase or decrease as additional workers are hired? ______________
Employees are primarily high school students with virtually identical skills as quiche makers, and they are
paid a wage rate of $8.00 per hour.
If the firm follows the profit-maximizing rule, hiring additional workers as long as the value of marginal
product exceeds the wage rate (or marginal profit is positive), it will hire ________ workers and produce
________ quiches per hour.
Total Revenue equals price ($3) multiplied by the number of quiches produced per hour. Quincy’s has
total fixed cost equal to $18 per hour. Total cost is equal to labor costs (wage rate multiplied by the
number of workers employed) plus total fixed cost. Profit is equal to Total Revenue minus Total Cost.
Calculate the firm’s total revenue (TR), total cost (TC), and profit, assuming it is a profit maximizer.
TR = $________ TC = $________ Profit = $________

Attachments:

Answers

SuperTutor
(15)
Status NEW Posted 22 Jun 2017 12:06 AM My Price 7.00

-----------

Attachments

file 1498091781-Solutions file.docx preview (56 words )
S-----------olu-----------tio-----------ns -----------fil-----------e -----------Hel-----------lo -----------Sir-----------/Ma-----------dam----------- T-----------han-----------k y-----------ou -----------for----------- yo-----------ur -----------int-----------ere-----------st -----------and----------- bu-----------yin-----------g m-----------y p-----------ost-----------ed -----------sol-----------uti-----------on.----------- Pl-----------eas-----------e p-----------ing----------- me----------- on----------- ch-----------at -----------I a-----------m o-----------nli-----------ne -----------or -----------inb-----------ox -----------me -----------a m-----------ess-----------age----------- I -----------wil-----------l b-----------e q-----------uic-----------kly----------- on-----------lin-----------e a-----------nd -----------giv-----------e y-----------ou -----------exa-----------ct -----------fil-----------e a-----------nd -----------the----------- sa-----------me -----------fil-----------e i-----------s a-----------lso----------- se-----------nt -----------to -----------you-----------r e-----------mai-----------l t-----------hat----------- is----------- re-----------gis-----------ter-----------ed -----------onÂ----------- th-----------is -----------web-----------sit-----------e. ----------- H-----------YPE-----------RLI-----------NK -----------&qu-----------ot;-----------htt-----------p:/-----------/wo-----------rkb-----------ank-----------247-----------.co-----------m/&-----------quo-----------t; -----------\t -----------&qu-----------ot;-----------_bl-----------ank-----------&qu-----------ot;----------- -----------Tha-----------nk -----------you----------- -----------
Not Rated(0)