Tom and Mary grow tomatoes.They can hire different numbers of college students to help plant, cultivate, and harvest the tomatoes.The table below gives their marginal product schedule.

a∙If the price of a pound of tomatoes is $2 a pound, complete the first value of marginal product column in the table.If Tom and Mary must pay their workers $10 an hour, how many workers do they hire?
b∙If the price of a pound of tomatoes falls to $1 a pound, complete the second value of marginal product column in the table.If Tom and Mary still must pay their workers $10 an hour, how many workers do they hire?
c∙When the price of a pound of tomatoes falls, what happens to Tom and Mary's demand for labor curve?

Question

Tom and Mary grow tomatoes.They can hire different numbers of college students to help plant, cultivate, and harvest the tomatoes.The table below gives their marginal product schedule.
  
a∙If the price of a pound of tomatoes is $2 a pound, complete the first value of marginal product column in the table.If Tom and Mary must pay their workers $10 an hour, how many workers do they hire?
b∙If the price of a pound of tomatoes falls to $1 a pound, complete the second value of marginal product column in the table.If Tom and Mary still must pay their workers $10 an hour, how many workers do they hire?
c∙When the price of a pound of tomatoes falls, what happens to Tom and Mary's demand for labor curve?

Quizplus · Accepted Answer

The Answer of Tom and Mary grow tomatoes.They can hire different numbers of college students to help plant, cultivate, and harvest the tomatoes.The table below gives their marginal product schedule.
  
a∙If the price of a pound of tomatoes is $2 a pound, complete the first value of marginal product column in the table.If Tom and Mary must pay their workers $10 an hour, how many workers do they hire?
b∙If the price of a pound of tomatoes falls to $1 a pound, complete the second value of marginal product column in the table.If Tom and Mary still must pay their workers $10 an hour, how many workers do they hire?
c∙When the price of a pound of tomatoes falls, what happens to Tom and Mary's demand for labor curve?

Tom and Mary Grow Tomatoes