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,if the price of apples increases to $10 per basket and the equilibrium wage is $40 per day,how many apple pickers will the firm hire?

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,if the price of apples increases to $10 per basket and the equilibrium wage is $40 per day,how many apple pickers will the firm hire?

Quizplus · Accepted Answer

Without access to Table 8.1, we can't provide specific calculations. However, the correct answer typically depends on analyzing the impact of the price increase on the firm's demand for labor. Generally, if the price of apples increases, the firm may generate more revenue per basket, potentially increasing its demand for labor to pick more apples if it's profitable to do so at the new wage rate.

The Following Table Shows How Apple Output Changes as Additional