Table 12-4 shows the basic numbers for production of pizzas, holding other factors constant. a. Fill in
Question:
Table 12-4 shows the basic numbers for production of pizzas, holding other factors constant.
a. Fill in the blanks in columns (3) and (5).
b. Construct a diagram like that in Figure 12-3 which shows the marginal revenue product of pizza workers and labor inputs.
c. If the wage of pizza workers is $30 per worker, how many workers will be employed?
Transcribed Image Text:
Marginal Revenue Product (1) (2) (3) Marginal product of labor (pizzas per worker) (4) (5) Marginal revenue product of labor ($ per worker) Total product (pizzas) Price of output ($ per pizza) Unit of labor (workers) 1 30 2 50 3 60 4 65 68 68 TABLE 12-4.
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