You Own a Pizza Shop Called "Pizzas'R' Us What Is the Dollar Value of Total Production During an Paying

question 120

Multiple Choice

You own a pizza shop called "Pizzas'R' Us".Currently you are paying your cooks an hourly wage of $20.You sell a medium pizza for $10.By hiring more cooks,you can increase your pizza production as shown in the following table. $$\begin{array} { | l | l | } \hline \begin{array} { l } \text { Number of } \\\text { cooks }\end{array} & \begin{array} { l } \text { Total production of } \\\text { pizzas each hour }\end{array} \\\hline 0 & 0 \\\hline 1 & 4 \\\hline 2 & 7 \\\hline 3 & 9 \\\hline 4 & 10 \\\hline 5 & 10 \\\hline\end{array}$$
What is the dollar value of total production during an 8-hour shift if you hire 2 cooks?

• A)$320
• B)$560
• C)$70
• D)$140

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Definitions:

Utility Function

An economic model that describes how consumers rank different bundles of goods according to the levels of satisfaction or utility those bundles provide.

Horizontal Axis

In a graph or chart, the horizontal line along which the values of one variable are plotted or measured.

Vertical Axis

In graphing data, this is the y-axis, which is typically used to measure the dependent variable or show the scale of values in a chart.

Utility Function

A mathematical representation of how consumer preferences over a set of goods and services are ranked.