The Bountiful Bakery Is Considering Hiring Another Pastry Chef

question 124

Multiple Choice

The Bountiful Bakery is considering hiring another pastry chef. The bakery knows the average product of its chefs is 15 dozen croissants per day. It also believes that the next chef hired will produce an extra 12 dozen croissants per day. A dozen croissants sell for $30. The bakery should hire another worker:

• A) only if the new chef's marginal product is 12 dozen or more.
• B) only if the new chef's daily wage is $450 or less.
• C) only if the new chef's daily wage is $360 or less.
• D) because the marginal product is below the average product.

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Definitions:

Central Limit Theorem

A fundamental statistical theory stating that, given a sufficiently large sample size from a population with a finite level of variance, the mean of all samples from the same population will be approximately equal to the mean of the population.

Synthesis Gas

A mixture of carbon monoxide and hydrogen used as a feedstock for chemical syntheses and as a fuel, commonly known as "syngas."

Commercially Important Alcohol

Refers to alcohols that have significant industrial or commercial value, often used as solvents, fuels, or feedstock for chemical synthesis.

Intermolecular Attraction

Refers to forces of attraction between molecules, including hydrogen bonding, dipole-dipole interactions, and van der Waals forces, vital for determining the physical properties of substances.