ECO 365 Week 4 Assignment | eBooks | Education

ECO 365 Week 4 Assignment

ECO 365 Week 4 Assignment PLDZ-7731
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ECO 365 Week 4 Assignment 

https://plus.google.com/u/0/108200033792883877670/posts/dWT4sDYbQKM

 

ECO 365 Week 4 Assignment

 

Complete the Worksheet.

Click the Assignment Files tab to submit your assignment.

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), so it is both a price-taker and a wage-taker.

 

 

 

 

    1. a) Fill in the missing values in the table, assuming the selling price per quiche is $3.

 

 

 

 

 

Workers   Output (quiches)     Marginal Product   Value of Marginal Product

 

0         0

 

1         10               10                  $30

 

2         18                  _____              $24

 

3         24                 6               _____

 

4         28             _____              $12

 

5         30             _____            _____

 

 

 

 

 

 

  1. b) Does marginal product increase or decrease as additional workers are hired?

 

 

ECO 365 Week 4 Assignment https://plus.google.com/u/0/108200033792883877670/posts/dWT4sDYbQKM ECO 365 Week 4 Assignment Complete the Worksheet. Click the Assignment Files tab to submit your assignment. The table below represents a product
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