QUESTION 15.1 Fidel has an orchard on his land which he alone can harvest. He also has his pulp fiction writing gig that pays him $45 per hour. He enjoys both work possibilities equally well. However, any apples he harvests after the 2nd hour necessarily requires him to go further up the trees to get the fruit, which requires an special ladder which he rents from the local fruit-picker supply store for $10 per hour. He also pays his kid brother, Raul, $3 an hour to hold the ladder for him. Given this information and the information in the accompanying table, please answer the following questions. 15A. Fill out the following table YOUR WORK. Number of Hours Worked 1 2 5 6 158. Suppose the price of apples is $9.80/crate. Fidel will spend Your explanation: 15C. When the price of apples is $9.80/crate, Fidel will earn, dollars in Economic Profit. xplanation: Total Number of Crates of Apples Harvested 15 25 33 39 42 44 Reservation Price (Price per Crate) hours picking apples. dollars in Accounting Profit and,

QUESTION 15.1 Fidel has an orchard on his land which he alone can harvest. He also has his pulp fiction writing gig that pays him $45 per hour. He enjoys both work possibilities equally well. However, any apples he harvests after the 2nd hour necessarily requires him to go further up the trees to get the fruit, which requires an special ladder which he rents from the local fruit-picker supply store for $10 per hour. He also pays his kid brother, Raul, $3 an hour to hold the ladder for him. Given this information and the information in the accompanying table, please answer the following questions. 15A. Fill out the following table YOUR WORK. Number of Hours Worked 1 2 5 6 158. Suppose the price of apples is $9.80/crate. Fidel will spend Your explanation: 15C. When the price of apples is $9.80/crate, Fidel will earn, dollars in Economic Profit. xplanation: Total Number of Crates of Apples Harvested 15 25 33 39 42 44 Reservation Price (Price per Crate) hours picking apples. dollars in Accounting Profit and,

Economics: Private and Public Choice (MindTap Course List)

16th Edition

ISBN:9781305506725

Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson

Publisher:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson

Chapter20: Consumer Choice And Elasticity

Section: Chapter Questions

Problem 2CQ

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