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This Table describes the amount of labor needed to make different


This Table describes the amount of labor needed to make different numbers of sandwiches at the Black Sheep Deli.

Sandwiches

Work hours

Mworkers Or the change in Work hours

MC (at wage of $20/hour), inputs at $4

MPL: Or the amount that one worker would produce

1

0.300

2

0.675

3

1.144

4

1.730

5

2.609

6

3.927

7

5.904

8

9.860

9

17.770

10

33.590

In the short-run, how can the Black Sheep increase production?? Fill in the table.? After the first sandwich, what happens to the time needed for each additional sandwich?? Why? What happens to the marginal product of labor?? What happens to marginal labor costs?

  • If ingredients are $4 per sandwich and wages are $20/hour, how many sandwiches can the Black Sheep offer to sell at $21.58/sandwich?? (Note that you need to fill out the MC column to answer this!)

Sandwich

Work hours

Mworkers Or the change in Work hours

MC (at wage of $15/hour), inputs at $2.5

MPL: Or the amount that one worker would produce

1

0.300

2

0.675

3

1.144

4

1.730

5

2.609

6

3.927

7

5.904

8

9.860

9

17.770

10

33.590

Read Real World Micro chapter 5 especially 5.5, Rob Larson, ?Not Too Big Enough?:

What are some of the strategies businesses have followed to gain market power to raise prices?? What competition does the Black Sheep face?? What could it do to establish market power and raise sandwich prices in Amherst?

 


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DATE ANSWERED

Apr 19, 2020

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