Answers
Here,
Cost of Labor = $45 per day
Selling price of Cake = $8
So Completing the table,
| Quantity of Labor | Total Product of Labor | Total Revenue | Marginal Revenue | Marginal Cost |
| 0 | 0 | 0 | 0 | 0 |
| 1 | 3 | 24 | 24 | 45 |
| 2 | 10 | 80 | 56 | 45 |
| 3 | 16 | 128 | 48 | 45 |
| 4 | 21 | 168 | 40 | 45 |
| 5 | 25 | 200 | 32 | 45 |
| 6 | 28 | 224 | 24 | 45 |
Total Revenue = total product * price
So For quantity of labor 2,
Total revenue = 10*8 = 80
MArginal Revenue = 80-24 = 56
MArginal Cost = 45 (fixed)
Now from the table, at labor 3 the marginal revenue is just over marginal cost while at 4 the marginal revenue is below
So she must choose 3 labors to maximize profit
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