(Table: Production and Employment for Jackson's Custom Photo Framing Shop III) Use Table: Production and employment for Jackson's Custom Photo Framing Shop. Jackson runs a custom picture-framing shop. The table shows his daily production function. He can hire a worker at a daily competitive wage of $70, and he sells a custom frame at a competitive price of $10.

$$ { \begin{array} { l }
\text { Table: Production and Employment for } \
\text { Jackson's Custom Photo Framing Shop III }
\end{array} } \
\begin{array} { | l | l | }
\hline \begin{array} { l }
\text { Quantity of Labor } \
\text { (workers) }
\end{array} & \begin{array} { l }
\text { Quantity of Picture } \
\text { Frames }
\end{array} \
\hline 0 & 0 \
\hline 1 & 2 \
\hline 2 & 10 \
\hline 3 & 17 \
\hline 4 & 23 \
\hline 5 & 28 \
\hline 6 & 32 \
\hline 7 & 35 \
\hline
\end{array}$$ I. How many workers should Jackson hire to maximize his profit?
II. Suppose Jackson can employ more sophisticated tools, which make his workers twice as productive.

Question

(Table: Production and Employment for Jackson's Custom Photo Framing Shop III) Use Table: Production and employment for Jackson's Custom Photo Framing Shop. Jackson runs a custom picture-framing shop. The table shows his daily production function. He can hire a worker at a daily competitive wage of $70, and he sells a custom frame at a competitive price of $10.
​
​
 $$ { \begin{array} { l } 
\text { Table: Production and Employment for } \
\text { Jackson's Custom Photo Framing Shop III }
\end{array} } \
\begin{array} { | l | l | } 
\hline \begin{array} { l } 
\text { Quantity of Labor } \
\text { (workers) }
\end{array} & \begin{array} { l } 
\text { Quantity of Picture } \
\text { Frames }
\end{array} \
\hline 0 & 0 \
\hline 1 & 2 \
\hline 2 & 10 \
\hline 3 & 17 \
\hline 4 & 23 \
\hline 5 & 28 \
\hline 6 & 32 \
\hline 7 & 35 \
\hline
\end{array}$$ I. How many workers should Jackson hire to maximize his profit?
II. Suppose Jackson can employ more sophisticated tools, which make his workers twice as productive.

Quizplus · Accepted Answer

The Answer of (Table: Production and Employment for Jackson's Custom Photo Framing Shop III) Use Table: Production and employment for Jackson's Custom Photo Framing Shop. Jackson runs a custom picture-framing shop. The table shows his daily production function. He can hire a worker at a daily competitive wage of $70, and he sells a custom frame at a competitive price of $10.
​
​
 $$ { \begin{array} { l } 
\text { Table: Production and Employment for } \
\text { Jackson's Custom Photo Framing Shop III }
\end{array} } \
\begin{array} { | l | l | } 
\hline \begin{array} { l } 
\text { Quantity of Labor } \
\text { (workers) }
\end{array} & \begin{array} { l } 
\text { Quantity of Picture } \
\text { Frames }
\end{array} \
\hline 0 & 0 \
\hline 1 & 2 \
\hline 2 & 10 \
\hline 3 & 17 \
\hline 4 & 23 \
\hline 5 & 28 \
\hline 6 & 32 \
\hline 7 & 35 \
\hline
\end{array}$$ I. How many workers should Jackson hire to maximize his profit?
II. Suppose Jackson can employ more sophisticated tools, which make his workers twice as productive.