Joan rents ovens at a local shared commercial kitchen to make cakes. The table below shows the number of ovens and the marginal product. Suppose that Joan sells her cakes for $15.00. Ovens Marginal Product (cakes per day) Price per Cake Marginal Revenue Product 0 -- $15.00 -- 1 10 15.00 $150.00 2 8 15.00 120.00 3 6 15.00 90.00 4 4 15.00 60.00 5 2 15.00 30.00 If the cost to rent an oven for the day is $60, how many ovens will Joan rent?   Multiple Choice   three ovens   two ovens   five ovens   four oven

ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
icon
Related questions
Question
100%

 

Joan rents ovens at a local shared commercial kitchen to make cakes. The table below shows the number of ovens and the marginal product. Suppose that Joan sells her cakes for $15.00.

Ovens

Marginal Product (cakes per day)

Price per Cake

Marginal Revenue Product

0

--

$15.00

--

1

10

15.00

$150.00

2

8

15.00

120.00

3

6

15.00

90.00

4

4

15.00

60.00

5

2

15.00

30.00

If the cost to rent an oven for the day is $60, how many ovens will Joan rent?

 

Multiple Choice
  •  
    three ovens
  •  
    two ovens
  •  
    five ovens
  •  
    four ovens
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 2 steps

Blurred answer
Knowledge Booster
Marginal Product
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
Economics
ISBN:
9780190931919
Author:
NEWNAN
Publisher:
Oxford University Press
Principles of Economics (12th Edition)
Principles of Economics (12th Edition)
Economics
ISBN:
9780134078779
Author:
Karl E. Case, Ray C. Fair, Sharon E. Oster
Publisher:
PEARSON
Engineering Economy (17th Edition)
Engineering Economy (17th Edition)
Economics
ISBN:
9780134870069
Author:
William G. Sullivan, Elin M. Wicks, C. Patrick Koelling
Publisher:
PEARSON
Principles of Economics (MindTap Course List)
Principles of Economics (MindTap Course List)
Economics
ISBN:
9781305585126
Author:
N. Gregory Mankiw
Publisher:
Cengage Learning
Managerial Economics: A Problem Solving Approach
Managerial Economics: A Problem Solving Approach
Economics
ISBN:
9781337106665
Author:
Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor
Publisher:
Cengage Learning
Managerial Economics & Business Strategy (Mcgraw-…
Managerial Economics & Business Strategy (Mcgraw-…
Economics
ISBN:
9781259290619
Author:
Michael Baye, Jeff Prince
Publisher:
McGraw-Hill Education