Scenario: A small apple orchard operates in a perfectly competitive output market (the market for apples) and input or factor market (the market for apple pickers). The market price of apples is $1 per pound, and the market wage for apple pickers is $50 per day. See the following table.

-Refer to the scenario above.What is the profit-maximizing number of workers the orchard should hire?

Question

Scenario: A small apple orchard operates in a perfectly competitive output market (the market for apples) and input or factor market (the market for apple pickers). The market price of apples is $1 per pound, and the market wage for apple pickers is $50 per day. See the following table.
 
-Refer to the scenario above.What is the profit-maximizing number of workers the orchard should hire?

Quizplus · Accepted Answer

The Answer of Scenario: A small apple orchard operates in a perfectly competitive output market (the market for apples) and input or factor market (the market for apple pickers). The market price of apples is $1 per pound, and the market wage for apple pickers is $50 per day. See the following table.
 
-Refer to the scenario above.What is the profit-maximizing number of workers the orchard should hire?

Scenario: a Small Apple Orchard Operates in a Perfectly Competitive