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Marco's Pizza is a small pizzeria The firm's short-run production function is described in the table below Assume that Marco's uses only two inputs to produce pizza: labor and capital

Marco's Pizza is a small pizzeria. The firm's short-run production function is described in the table below. Assume that Marco's uses only two inputs to produce pizza: labor and capital (the oven). Marco's cost of labor is $400 per worker per week, and his cost of capital is $500 per week. Labor (workers per week) Output (pizzas per week) 1 74 2 152 3 228 4 296 5 350 6 384 In the scenario above, the marginal product of Marco's 3rd worker is pizzas. In the scenario above, when Marco's produces 228 pizzas per week, the firm's average total cost is: $ (Round your answer to 2 digits after the decimal point, e.g., 6.67) In the scenario above, when the pizzeria increases its output from 228 to 296 pizzas, the marginal cost per pizza is: $ (Round your answer to 2 digits after the decimal point, e.g., 5.70)

Apr 23 2020 View more View Less

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