## 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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