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Kaiser's Ice Cream Parlour hires workers to produce milkshakes. The market for milkshakes is perfectly competitive, and the price of a milkshake is $4. The labour market is competitive, and the wage rate is $40 a day. The table shows the workers' total product schedule.
Number of workers Quantity produced (milkshakes per day)
1 7
2 21
3 33
4 43
5 51
6 55
How many workers will Kaiser's hire to maximize its profit and how many milkshakes a day will Kaiser's produce?
Kaiser's installs a new machine for making milkshakes that increases the productivity of workers by 50 percent. If the price of a milkshake remains at $4 and the wage rises to $48 a day, how many workers does Kaiser's hire?
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