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Imagine the total benefits and costs of hiring a certain number of workers in a restaurant: -Total Benefits ($) measures the revenue of sales in
Imagine the total benefits and costs of hiring a certain number of workers in a restaurant: -Total Benefits ($) measures the revenue of sales in a restaurant. -Total costs ($) measures the cost of hiring a certain number of employees. -Net Benefits ($) is the difference between Total benefits minus Total costs. -Marginal benefit ($) is the additional benefit of hiring an additional worker. -Marginal costs ($) is the additional costs of hiring an additional worker. -Profit ($) is the difference between Marginal benefits minus Marginal costs. Quantity (number of workers) TB (Total Benefit) TC (Total costs) NB (Net Benefit) MB (Marginal Benefit) MC (Marginal Costs) PR (Profit) 0 0 0 1 5,000 4,700 2 6,250 5,500 3 7,250 6,200 4 8,000 6,800 5 8,500 7,300 6 8,750 7,700 A) Fill the table above B) Draw the MB
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