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ECON101 : Microeconomics

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ECON101 : Microeconomics

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Course Code: ECON101
University: Saylor Academy

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Country: United States

Question: 

1. Identify examples of two fixed costs and two variable costs the restaurant may incur once it begins operations.   
2. The restaurant expects to hire over 150 employees.  Why would employee work scheduling be an important part of this process? 

Answer:

1. Lease contract is one of the fixed cost where there can be couple of more tenants, the licenses and the rent paid for the property space Chick-fil-A occupies monthly can be two fixed costs. Two variable costs that the restaurant can incur were the sales commission based on a usual promotion of a year’s supply given to the first 100 customers. Also, paying wages/ salaries to 150-200 employed people once the operations begins (Davis, et al., 2018).
2. Employee work scheduling is important at initial steps because the marginal productivity of labour in increasing at a high capital labour ratio. At this point, the company is using both its fixed and variable inputs. However, after achieving a point, here that is 150 employee for the restaurant, every additional worker, will have lesser units of fixed input capital to work. The fixed input yields less return when MPL diminishes, then falls to 0 and finally negative (Nicholson & Snyder, 2014). This short run production function analyses the law of diminishing returns.
                                           
As per the diagram above, after the restaurant hires 150 labourers, each additional labour, will lead to less output, land, machinery and each labour in this way, will not only get less of complementay factor to work with but will also create a presuure on office space by overcrowding. The machinery will be used more and MPL will fall.
References:
Davis, B., Lockwood, A., Alcott, P., & Pantelidis, I. S. (2018). Food and beverage management. Routledge.
Nicholson, W., & Snyder, C. (2014). Intermediate microeconomics and its application. Nelson Education.
Shepherd, R. W. (2015). Theory of cost and production functions (Vol. 2951). Princeton University Press.

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