08 Jun uestion Labor Worksheet
uestion
Labor Worksheet
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).
Fill in the missing values in the table, assuming the selling price of each quiche is $3.
Number of Workers Output (quiches per hour)Marginal Product Value of Marginal Product
0 0
1 10 10 $30
2 18 _____ $24
3 24 6 _____
4 28 _____ $12
5 30 _____ _____
Does marginal product increase or decrease as additional workers are hired? ______________
Employees are primarily high school students with virtually identical skills as quiche makers, and they are paid a wage rate of $8.00 per hour.
If the firm follows the profit-maximizing rule, hiring additional workers as long as the value of marginal
product exceeds the wage rate (or marginal profit is positive), it will hire ________ workers and produce
________ quiches per hour.
Total Revenue equals price ($3) multiplied by the number of quiches produced per hour. Quincy’s has total fixed cost equal to $18 per hour. Total cost is equal to labor costs (wage rate multiplied by the number of workers employed) plus total fixed cost. Profit is equal to Total Revenue minus Total Cost. Calculate the firm’s total revenue (TR), total cost (TC), and profit, assuming
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