The following table shows how apple output changes as additional apple pickers are hired.Calculate marginal physical product,total revenue,and marginal revenue product.The price of apples is $4 per basket.
Table 8.1-Apple Production
-In Table 8.1,as more apple pickers are hired,the firm's rate of production:

Question

The following table shows how apple output changes as additional apple pickers are hired.Calculate marginal physical product,total revenue,and marginal revenue product.The price of apples is $4 per basket.
Table 8.1-Apple Production 
-In Table 8.1,as more apple pickers are hired,the firm's rate of production:

Quizplus · Accepted Answer

As more apple pickers are hired, the total output initially increases at an increasing rate, but eventually the rate of increase slows down and eventually reaches a point where it actually starts to decline. This is indicative of diminishing returns, where the marginal physical product of each additional apple picker hired is decreasing. Total revenue can be calculated by multiplying the quantity of apples produced with the price per basket, which is $4 in this case. Marginal revenue product can be calculated by multiplying the marginal physical product of each apple picker with the price per basket.

The Following Table Shows How Apple Output Changes as Additional