Question: Unit VAssignmentWorksheet . RoundThese Answersto theNearest Whole Number RoundThese Answersto theNearest Penny Output (Concession Stand Items) Number of Workers Employed PerDay Price of Labor Per
Unit VAssignmentWorksheet.
RoundThese Answersto theNearest Whole Number
RoundThese Answersto theNearest Penny
Output (Concession Stand Items)
Number of Workers Employed PerDay
Price of Labor Per Worker Per Day
Total Variable Cost of Labor
Total Fixed Costs Per Day
Total Cost Per Day
Average Price of Concession Stand Items
Total Revenue
Profit
Average Variable Cost
Average Fixed Cost
Average Total Cost
Marginal Cost
Marginal Revenue
0
0
$120
$2,000
$8.00
100
2
$120
$2,000
$8.00
400
4
$120
$2,000
$8.00
750
6
$120
$2,000
$8.00
900
8
$120
$2,000
$8.00
1,025
10
$120
$2,000
$8.00
1,125
12
$120
$2,000
$8.00
1,200
14
$120
$2,000
$8.00
1,250
16
$120
$2,000
$8.00
1,280
18
$120
$2,000
$8.00
1,290
20
$120
$2,000
$8.00
1,289
22
$120
$2,000
$8.00
1,280
24
$120
$2,000
$8.00
Questions:Useyour responses tothese questions to help you formulate ideas for writing your Unit V Essay.
Question 1:What is the level of profit that is made by Ruby Red Movie Theater if2workers are employed at the concession stand and only 100 items of output are produced(sold)at the concession stand?
Answer:
Question 1a:Should Ruby Red Movie Theater continue to operate the concession stand if only 100concession standitems are being produced(sold)by 2 workers?Why,or why not?
Answer:
Question 2:If Ruby Red Movie Theater wanted to produce(sell)1,290 items from the concession stand,would profit be maximized?Why,or why not?
Answer:
Question 3:At what level of output and labor input are concession stand profits maximized for Ruby Red Movie Theater?What are two ways you could tellifthis was correct from the tabledata?
Answer:
Question 4:How are average total cost and marginal cost related to marginal product and average product?
Answer:
Question 5:What do you notice about marginal revenue and the price ofoutput (average price of concession stand items in this case)?
Answer:
Question 6:What is the maximum level of profit thatcan be generatedfrom concession stand items?
Answer:
.
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