Production Data for Joe's Pizza Parlor Are as Follows How Many Workers Will Joe Hire If He Must Pay

question 113

Multiple Choice

Production data for Joe's Pizza Parlor are as follows. For simplicity assume that labor is the only input. Each pizza sells for $5. $$\begin{array} { | c | c r } \hline \text { Number of Warkers } & \text { Pizzas Baked Per Day } \\\hline 0 & & 0 \\\hline 1 & & 10 \\\hline 2 & & 18\\\hline 3 & & 24 \\\hline 4 & & 30 \\\hline 5 & &32 \\\hline\end{array}$$  
How many workers will Joe hire if he must pay each one $45 a day?

• A)1
• B)2
• C)3
• D)4

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Definitions:

Determinants of Market Demand

Factors that influence the total quantity of a good or service that consumers in a market are willing and able to purchase at various prices.

Change in Supply

An alteration in the quantity of a product that producers are willing and able to sell in the market, due to factors like changes in cost of production or technological improvements.

Quantity Supplied

The quantity supplied refers to the amount of a good or service that producers are willing to sell at a given price over a specified period.

Rationing Function

The process by which a scarce resource is distributed among competing users.