Answer Happy

2. Inputs and outputs Valerie's Performance Pizza is a small restaurant in Denver that sells gluten-free pizzas. Valerie's very tiny kitchen has barely enough room for the four ovens in which her workers bake the pizzas. Valerie signed a lease obligating her to pay the rent for the four ovens for the next year. Because of this, and because Valerie's kitchen cannot fit more than four ovens, Valerie cannot change the number of ovens she uses in her production of pizzas in the short run However, Valerie's decision regarding how many workers to use can vary from week to week because her workers tend to be students. Each Monday, Valerie lets them know how many workers she needs for each day of the week. In the short run, these workers are variable inputs, and the ovens are_fixed Inputs. variable Valerie's daily production schedule is presented in the following table. fixed FW in the blanks to complete the Marginal Product of Labor column for each worker. Labor Output (Number of workers) (Pizzas) 0 0 Marginal Product of Labor (Pluras) 1 2 50 90 120 140 MAANA 3 DUIT 4 5 150
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). 200 180 160 Production Function 140 120 QUANTITY OF OUTPUT (Pizzas) 8 8 100 40 20 0 0 LABOR (Number of workers) Suppose that laboris Valerie's only variable cost and that she has a fixed cost of $30 per day and pays each of her workers $30 per day
Suppose that labor Is Valerie'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 Valerie's total cost curve on the following graph using the quantities from the preceding table. 200 180 Total Cost 160 140 120 TOTAL COST (Dolars) 100 30 60 40 20 6 0 20 150 200 40 60 BO 100 120 140 100 QUANTITY OF OUTPUT (Pizza)
Suppose that labor Is Valerie'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 Valerie's total cost curve on the following graph using the quantities from the preceding table. 200 180 Total Cost 160 140 120 TOTAL COST (Dolars) 100 30 60 40 20 6 0 20 150 200 40 60 BO 100 120 140 100 QUANTITY OF OUTPUT (Pizza)
20 0 0 20 180 200 40 60 80 100 120 140 160 QUANTITY OF OUTPUT (Plzzas) True or False: The shape of the production function reflects the law of diminishing marginal returns. O True O False