The Economics of Everyday Life

HOMEWORK, CHAPTER 14NameClass day & timeYou have decided to earn some extra income and gain some real-world experience by starting your ownbusiness. You believe you can turn your hobby of making airplane mobiles out of used aluminum soda cansinto a viable business. You can get the empty soda cans for free and can use your apartment as workspace.Your only costs will be for hiring other students to work on making the airplane mobiles.1.The table below shows how many mobiles you can make with different numbers of workers, the price atthe table.which you can sell each mobile, and how much you have to pay to attract workers. Fill in the blanks inNumberMobilesPriceVMPofper WeekWeeklyTotalperTotalorWorkers(TP)MPWage perLaborMobileRevenueMRPWorkerCostMRC0$ 10.00$ 120.004010.00120.00N7910.00120.00311610.00120.00415010.00120.00518010.00120.00620510.00120.00722410.00120.00823610.00120.0024010.00120.001023810.00120.00(a)How many workers should you hire if you want to maximize your profits? Why is this theappropriate number of workers to maximize your profit?(b)In what kind of market structure are you selling your mobiles? How can you tell?

Prof. Angela


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