The Table Below Has the Marginal Product Schedule for Nick's

question 91

Essay

The table below has the marginal product schedule for Nick's Pizza.
a.If pizza sells for $8 each,complete the last column of the table.
$$\begin{array} { c c c } \begin{array} { c } \text { Quantity of } \\\text { labor } \\\text { (workers) }\end{array} & \begin{array} { c } \text { Marginal } \\\text { product } \\\text { (pizzas per hour) }\end{array} & \begin{array} { c } \text { Value of marginal } \\\text { product } \\\text { (dollars) }\end{array} \\\hline 1 & 4 & - \\2 & 4 & - \\3 & 3 & - \\4 & 2 & - \\5 & 1 & - \\\hline\end{array}$$
b.If Nick can hire workers at the going wage rate of $16 an hour,how many workers does Nick hire?

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