please also do the graph. thank youuuu Consider Live Happley Fields, a small player in the strawberry business whose production has no individual effect on wages and prices. Live Happley'sproduction schedule for strawberries is given in the following table:LabourOutput(Number of workers) (Kilograms of strawberries)1732443035Suppose that the market wage for strawberry pickers is $100 per worker per day, and the price of strawberries is $18 per kilogram.On the following graph, use the blue points (circle symbol) to plot Live Happley's labour demand curve when the output price is $18 per kilogram.Note: Remember to plot each point between the two integers. For example, when the number of workers increases from 0 to 1, the marginal revenueproduct of labour for the first worker should be plotted with a horizontal coordinate of 0.5, the value halfway between 0 and 1. Line segments willautomatically connect the points.200180Demand P = $18180140120Demand P = $1410080604020WAGE (Dollars per worker)9, 200180Demand P = $18180140120Demand P = $141008060402023LABOUR (Number of workers)1 workerAt the given wage and price level, Live Happley should hire2, 3, 4, or 5 workersSuppose that the price of strawberries decreases to $14 per kilogram, but the wage rate remains at $100.On the previous graph, use the purple points (diamond symbol) to plot Live Happley's labour demand curve when the output price is $14 per kilogram.1,2,3,4,5Now Live Happley should hire Workerswhen the output price is $14 per kilogram.Assuming that all strawberry-producing firms have similar production schedules, a decrease in the price of strawberries will cause thedemand for strawberry pickers to decreasesupply ofincreaseSuppose that wages decrease to $90 due to a decreased demand for workers in this market. Assuming that the price of strawberries remains at $14per kilogram, Live Happley will now hire 1,2,3,4,5 workersWAGE (Dollars per worker)

Consider Live Happley Fields, a small player in the strawberry business whose production has no individual effect on wages and prices. Live Happley's production schedule for strawberries is given in the following table:

Consider Live Happley Fields, a small player in the strawberry business whose production has no individual effect on wages and prices. Live Happley's production schedule for strawberries is given in the following table:

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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