Please. The table below represents a production schedule for Quincy’s Quiche Cor
ID: 1144114 • Letter: P
Question
Please.
The table below represents a production schedule for Quincy’s Quiche Corner, a restaurant in a mall that sells quiches. Assume Quincy’s operates in a perfectly competitive environment (in both input and output markets), so it is both a price-taker and a wage-taker.
a) Fill in the missing values in the table, assuming the selling price per quiche is $3.
WorkersOutput (quiches)Marginal Product Value of Marginal Product
0 0
1 10 10 $30
2 18 _____ $24
3 24 6 _____
4 28 _____ $12
5 30 _____ _____
1) Total Revenue equals price ($3) multiplied by the number of quiches produced per hour. Quincy’s has total fixed cost equal to $18 per hour. Total cost is equal to labor costs (wage rate multiplied by the number of workers employed) plus total fixed cost. Profit is equal to Total Revenue minus Total Cost. Calculate the firm’s total revenue (TR), total cost (TC), and profit, assuming it is a profit maximizer.
TR = $ TC = $ Profit = $
Explanation / Answer
Hi, the table is not in order and therefore,I'm not able to understand which is which.Can you please give separate details of the table in comments?
Put _ for blanks.I will edit the answer.Please do reply in comments