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Name or Std. ID_Demelza Levick;Chapter 3: Exercise to be reviewed in class on Friday 2.4.11;No. of;No. of;Marginal;Price per;Price per;workers;loaves;product of;loaf;loaf;baked per;labor;multiplied;hour;(MPL);by MPL;0;0;n/a;1;20;20;$1;$20;2;36;16;3;48;12;4;56;8;5;60;4;6;62;2;Nominal;Wage Rate;(W);Real Wage;Rate;(W/P);$8;8;The table above shows data from the Bread and Butter Bakery. The bakery has a fixed number;of ovens and is adding workers one at a time.;a. Fill in the data that is missing.;b. Using the data from first 2 columns, draw a graph showing the production function for;the bakery.;c.;The curve has a positive slope. What does this tell us about the production function of;the firm?;d. The slope decreases as the firm hires additional workers. What does this tell us?;e.;Use the data from columns 1 and 3 to plot a graph showing the relationship between the;number of workers and the marginal product of labor (MPL).;f.;The number of workers the bakery hires depends on the production function, the wage;rate the bakery must pay, and the price it receives for each loaf of bread. Given the wage;rate of $8 per hour, how many workers will the Bread and Butter Bakery hire?;g. Consider the following production function: OR;Compute the value of Y for;(i);K = 100 and L = 25;(ii);K =200 and L = 50;(iii);K = 2,500 and L = 625;What are the returns to scale for this production function?

Paper#31096 | Written in 18-Jul-2015

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