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ECO 561T Apply Week 5 Think Like an Economist
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ECO 561T Apply Week 5 Think Like an Economist

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Apply: Think Like an Economist Assignment Instructions The accompanying table shows how total donations, average donations, total labor costs and average labor costs vary depending on the number of employees State U hires for its fundraising activities. Complete the following: • Calculate the total value of donations raised by three employees, and explain the method you used to make this calculation. • Calculate the total labor cost with four employees, and explain the method you used to make this calculation. • Analyze the relationship between average benefits and average costs by filling in the blanks in the following statement: o If the President of State U decides to hire fundraising employees as long as their average benefit exceeds their average cost, then this results in ________ employees being hired and a net benefit (total donations minus total labor costs) of ________. • Evaluate the marginal benefit (in terms of extra donations) of the 2nd employee. • Explain how the marginal cost of the 4th employee will increase the total labor cost. • Determine when the net benefit of hiring fundraisers is the largest. Please Show your Work:

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