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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Definitions:

Grammar

A system of rules that produces well-formed, or “legal,” entities such as sentences of a language.

Francis Galton

A 19th-century British polymath who made significant contributions to fields such as statistics, psychology, and anthropology, and is known for his studies on heredity and human intelligence.

Inheritability

The proportion of variation among individuals in a population that is due to genetic factors.

Intellectual Abilities

The capacity to engage in abstract thinking, understand complex ideas, solve problems, and learn from experience.