Background Simeon's Bakery has the production function per hour shown in the accompanying table. The hourly wage rate foreach worker is $9. Each pie sells for $6. Consider the following cost information for the bakery:

a) Calculate the marginal product of labor for each worker and the value of the marginal product per worker.

b) Draw the value of the marginal product curve. Use your diagram to determine how many workers Simeon should employ.

c) Now the price of pies increases to $8. Calculate the value of the marginal product per worker and draw the new value of the marginal product curve into

your diagram. Use your diagram to determine how many workers Patron should employ now.

Case I: When do we stop baking pizzas? Part II Background Simeon's Bakery has the production function per hour shown in the accompanying table. The hourly wage rate foreach worker is $9. Each pie sells for $6. Consider the following cost information for the bakery: 0 worker 0 1 4 2 7 3 10 4 12 5 13 a) Calculate the marginal product of labor for each worker and the value of the marginal product per worker. b) Draw the value of the marginal product curve. Use your diagram to determine how many workers Simeon should employ. c) Now the price of pies increases to $8. Calculate the value of the marginal product per worker and draw the new value of the marginal product curve into your diagram. Use your diagram to determine how many workers Patron should employ now