Funny Farm is a 400-acre profit-maximizing farm that produces wheat.The wheat industry is competitive and the price of wheat is $5 per bushel.The relationship between the number of workers the farm hires and the production of wheat is shown in the table below. 
(A)Calculate the marginal product and the marginal revenue product of labor for Funny Farm.
(B)If the wage for farm workers is $16,000 per year,how many workers will the farm hire? Explain.
(C)Suppose the yearly wage for farm workers is $16,000,the fixed rent is $30,000 per year,and there are no other costs.Calculate the farm's profits or losses.Will there be entry into or exit from this industry?
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(B)If the wage for farm workers is ...View Answer
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