D and E The image describes an economic scenario involving low-skilled workers employed in clearing woodland. Each worker, equipped with a shovel, machete, and chainsaw, clears one acre per month and generates $1,500 in revenue. The employer spends $225 monthly on equipment costs per worker. Each worker works 40 hours per week over four weeks each month.**Instructions:**- In part a, provide your answer as a whole number.- In parts b-e, round answers to two decimal places.- Use a negative sign (-) for negative numbers.**Questions:**a. What is the marginal revenue product of hiring one low-skilled worker to clear woodland for one month? - Answer: $_____b. How much revenue per hour does each worker bring in? - Answer: $_____c. If the minimum wage is $14.30, by how much will the revenue per hour in part b differ from the minimum wage? - Answer: $_____d. Consider the employer’s total costs, which include equipment costs and a normal profit of $50 per acre. If the firm pays workers the minimum wage of $14.30 per hour, what will the firm’s economic profit or loss be per acre? - **Note:** Use a negative sign if entering a loss. - The firm's (Click to select) per acre will be $_____.e. At what value would the minimum wage have to be set so that the firm makes zero economic profit from employing an additional low-skilled worker to clear woodland? - Answer: $_____

d) Now consider the employer's total cost, which includes the equipment costs as well as normal…

d. Consider the employer's total costs, which include the equipment costs as well as a normal profit of $50 p workers the minimum wage of $14.30 per hour, what will the firm's economic profit or loss be per acre? (Note you are entering a loss.) The firm's (Click to select) ] per acre will be $ e. At what value would the minimum wage have to be set so that the firm makes zero economic profit from e low-skilled worker to clear woodland? $

d. Consider the employer's total costs, which include the equipment costs as well as a normal profit of $50 p workers the minimum wage of $14.30 per hour, what will the firm's economic profit or loss be per acre? (Note you are entering a loss.) The firm's (Click to select) ] per acre will be $ e. At what value would the minimum wage have to be set so that the firm makes zero economic profit from e low-skilled worker to clear woodland? $

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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