SICrawCalculate the new total revenue and new marginal revenue product if the price of strawberries doubled (from $2 to $4 per box), andthen answer one question.Instructions: Enter your responses as a whole number. If you are entering any negative numbers be sure to include a negative sign (-)in front of those numbers.Number ofPickers(per Hour)0123456789TotalStrawberryOutput(Boxes perHour)051014171920201815Price ofStrawberries(per Box)$2222222222TotalRevenue(per Hour)$0102028343840403630Marginal New PriceRevenueofProduct Strawberries$1010864NO20-4-6$4444444444New TotalRevenue(per Hour)$$$$$$$$$$How many pickers would be hired at $2 an hour before the price change?picker(s)NewMarginalRevenueProduct020$40$56 $68$7680$80 $72$60 $www20201612840-8-12

Total revenue is overall income from sales. It is calculated by multiplying the quantity of units…

Calculate the new total revenue and new marginal revenue product if the price of strawberries doubled (from $2 to $4 per box), and then answer one question. Instructions: Enter your responses as a whole number. If you are entering any negative numbers be sure to include a negative sign ( in front of those numbers. Number of Pickers (per Hour) 0 1 2 3 4 5 6 7 8 9 Total Strawberry Price of Output (Boxes per Hour) 0 5 10 14 17 19 20 20 18 15 Total Strawberries Revenue (per Box) (per Hour) $2 2 2 2 2 2 2 2 2 2 $0 10 20 28 34 38 40 40 36 30 Marginal Revenue Product Strawberries - $10 10 8 6 4 2 New Price New Total of Revenue (per Hour) 0 -4 -6 $4 4 4 4 4 4 4 4 4 4 $ $ $ $ $ $ $ $ $ $ How many pickers would be hired at $2 an hour before the price change? picker(s) New Marginal Revenue Product 0 20 $ 40 $ 56 $ 68 S 76 $ 80 $ 80 $ 72 $ 60 $ - 20 20 16 12 8 4 0 -8 -12

Calculate the new total revenue and new marginal revenue product if the price of strawberries doubled (from $2 to $4 per box), and then answer one question. Instructions: Enter your responses as a whole number. If you are entering any negative numbers be sure to include a negative sign ( in front of those numbers. Number of Pickers (per Hour) 0 1 2 3 4 5 6 7 8 9 Total Strawberry Price of Output (Boxes per Hour) 0 5 10 14 17 19 20 20 18 15 Total Strawberries Revenue (per Box) (per Hour) $2 2 2 2 2 2 2 2 2 2 $0 10 20 28 34 38 40 40 36 30 Marginal Revenue Product Strawberries - $10 10 8 6 4 2 New Price New Total of Revenue (per Hour) 0 -4 -6 $4 4 4 4 4 4 4 4 4 4 $ $ $ $ $ $ $ $ $ $ How many pickers would be hired at $2 an hour before the price change? picker(s) New Marginal Revenue Product 0 20 $ 40 $ 56 $ 68 S 76 $ 80 $ 80 $ 72 $ 60 $ - 20 20 16 12 8 4 0 -8 -12

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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The firm producing 6 units iPhone in a hour and selling it at $500. What is firm total revenue.