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For this assignment you will perform calculations in an Excel file. You can find the file in Week 2.  Please note, it is your responsibility to have the correct software!

Instructions:

Cakes by Monica (a bakery under the umbrella of the Café Brulé restaurant) in Vermillion, SD makes cupcakes for customers to purchase both in the store and in bulk orders for birthday parties and weddings.

Suppose in the short-run, a bakery like Cakes by Monica has a fixed amount of capital but can hire college students from a local college easily to increase production as needed.  A production schedule is provided for you where Q is dozens of cupcakes.

a) Using the schedule provided, calculate the marginal product of labor when K = 3. 

b) Using your calculations, for which workers are there increasing, decreasing, and negative marginal returns to labor? 

c) Suppose this bakery decides to add another unit of capital in the long-run.  Find the marginal product of the 4th unit of capital and the marginal product of labor when K = 4.

d) Create a graph of the marginal product of labor for K=3 and K=4.

e) Using your graph and the data, how does the addition of another unit of capital affect the productivity of labor? 

Please provide all answers (calculations and written explanations) in the provided Excel File. Save your file with your Firstname_Lastname and submit it in the designated area.

Sheet1

Production Schedule for K = 3Production Schedule for K = 4
K = 3LOutput (Q)MPL K = 3K = 4Output (Q)MPL K = 4MPK
30040
3110415
3225435
3345460
3460480
3570495
36754105
37754110
38704110
39604105

Cakes by Monica (a bakery under the umbrella of the Café Brulé restaurant) in Vermillion, SD makes cupcakes for customers to purchase both in the store and in bulk orders for birthday parties and weddings. Suppose in the short-run, a bakery like Cakes by Monica has a fixed amount of capital but can hire college students from a local college easily to increase production as needed. A production schedule is provided for you where Q is dozens of cupcakes. a) Using the schedule provided, calculate the marginal product of labor when K = 3. b) Using your calculations, for which workers are there increasing, decreasing, and negative marginal returns to labor? c) Suppose this bakery decides to add another unit of capital in the long-run. Find the marginal product of the 4th unit of capital and the marginal product of labor when K = 4. d) Create a graph of the marginal product of labor for K=3 and K=4. e) Using your graph and the data, how does the addition of another unit of capital affect the productivity of labor?

Based on Statistical inference,

Billy Beane hired Chad Bradford, David Justice, and Scott Hatteberg for Oakland Athletics. The president, shareholders, and recruit teams were aggravated by his new hiring method: “statistic based decision” that use on-base percentage. Billy Beane is not good at articulating his strategy, so he asked you, a business consultant. Please write a letter to stakeholders including president, shareholders, and his recruit team, to follow his strategy.

The letter to stakeholders will be professional note to emphasize the significance of statistical inference using data, convincing cases and at least one scholarly reference(s) in 150 words. Reply to other students with sound criticism and constructive new ideas. You need to use  SSU ProQuest  to find a scholarly article for “business decision making using data.

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