Homework: Economics
Instructions
Ruby Red Movie Theater has experimented with using different numbers of workers in the concession area of the theater as well as at the ticket counter. In these experiments, Tracy, the manager of the theater, collected data on total number of buckets of popcorn as well as movie ticket sales produced per day. Tracy would like for you to analyze the data and tell her how many workers she should use each day in the concession stand area for producing popcorn and in the ticket area for producing movie ticket sales. She would also like to know how many buckets of popcorn and movie tickets will be produced/sold by those workers per day. Access the Unit IV Homework Worksheet in Blackboard. You will complete the following in this worksheet:
Part A
Complete the tables calculating the average product, marginal product, total value product, average value product, and marginal value product.
Part B
Answer the five questions after each table as a guide to use when writing your essay.
Part C
Write an essay of at least 750 words in which you address the following:
a. Describe your calculations in the table.
b. Indicate the number of workers used per day where the law of diminishing marginal returns begins for producing buckets of popcorn.
c. Indicate the number of workers used per day where the law of diminishing marginal returns begins for movie ticket sales production.
d. Describe the shapes of both the average product and marginal product curves, and include how they compare to the average value product and marginal value product curves for both buckets of popcorn and movie tickets.
e. Indicate the optimal number of workers per day to use and the corresponding total number of buckets of popcorn to produce. Make sure you indicate how you found this optimal number of workers and total number of buckets of popcorn.
f. Indicate the optimal number of workers per day to use and the corresponding total number of movie tickets to sell (produce). Make sure you indicate how you determined this optimal number of workers and total number of movie tickets.
Format your homework according to the give formatting requirements:
a. The answer must be double spaced, typed, using Times New Roman font (size 12), with one-inch margins on all sides.
b. The response also includes a cover page containing the title of the homework, the course title, the student's name, and the date. The cover page is not included in the required page length.
c. Also include a reference page. The references and Citations should follow APA format. The reference page is not included in the required page length.