Unit VAssignmentWorksheet.

RoundThese Answersto theNearest Whole Number

RoundThese Answersto theNearest Penny

Output (Concession Stand Items)

Number of Workers Employed PerDay

Price of Labor Per Worker Per Day

Total Variable Cost of Labor

Total Fixed Costs Per Day

Total Cost Per Day

Average Price of Concession Stand Items

Total Revenue

Profit

Average Variable Cost

Average Fixed Cost

Average Total Cost

Marginal Cost

Marginal Revenue

0

0

$120

$2,000

$8.00

100

2

$120

$2,000

$8.00

400

4

$120

$2,000

$8.00

750

6

$120

$2,000

$8.00

900

8

$120

$2,000

$8.00

1,025

10

$120

$2,000

$8.00

1,125

12

$120

$2,000

$8.00

1,200

14

$120

$2,000

$8.00

1,250

16

$120

$2,000

$8.00

1,280

18

$120

$2,000

$8.00

1,290

20

$120

$2,000

$8.00

1,289

22

$120

$2,000

$8.00

1,280

24

$120

$2,000

$8.00

Questions:Useyour responses tothese questions to help you formulate ideas for writing your Unit V Essay.

Question 1:What is the level of profit that is made by Ruby Red Movie Theater if2workers are employed at the concession stand and only 100 items of output are produced(sold)at the concession stand?

Answer:

Question 1a:Should Ruby Red Movie Theater continue to operate the concession stand if only 100concession standitems are being produced(sold)by 2 workers?Why,or why not?

Answer:

Question 2:If Ruby Red Movie Theater wanted to produce(sell)1,290 items from the concession stand,would profit be maximized?Why,or why not?

Answer:

Question 3:At what level of output and labor input are concession stand profits maximized for Ruby Red Movie Theater?What are two ways you could tellifthis was correct from the tabledata?

Answer:

Question 4:How are average total cost and marginal cost related to marginal product and average product?

Answer:

Question 5:What do you notice about marginal revenue and the price ofoutput (average price of concession stand items in this case)?

Answer:

Question 6:What is the maximum level of profit thatcan be generatedfrom concession stand items?

Answer:

.