1. Supply and Demand Practice Problems Due Tuesday 6/15

3. Corporation W pays its workers $22.50/hour for an 8 hour day. It will sell its product in the market for $9.00 each. Fill in the missing information on the supply schedule below and then answer the subsequent questions. Worker number _____ would be the one hired allowing Corp. W to pass its break-even point. Worker number _____ would be the last worker hired allowing Corp. W to remain in Stage I of production. Worker number _____ would be the last worker hired allowing Corp. W to remain in Stage II of production. Worker number _____ would be the first one hired that pushed Corp. W into Stage III of production. Worker number _____ would be the last worker hired to maximize profits. # of workers Total Product Marginal Product Fixed costs Variable Costs Total Costs Marginal Costs Total Revenue Marginal Revenue Total Profits Marginal Change in Profits 0 0 0 $250 $0 $250 $0 $0 $0 -$250 $0 1 5 $250 $9 2 20 $250 $9 3 45 $250 $9 4 80 $250 $9 5 125 $250 $9 6 180 $250 $9 7 245 $250 $9 8 320 $250 $9 9 405 $250 $9 10 500 $250 $9 11 550 $250 $9 12 570 $250 $9 13 495 $250 $9 14 410 $250 $9