The following table shows how apple output changes as additional apple pickers are hired per day. Calculate marginal physical product, total revenue, and marginal revenue product. The price. of apples is $4 per basket.
The following table shows how apple output changes as additional apple pickers are hired per day. Calculate marginal physical product, total revenue, and marginal revenue product. The price. of apples is $4 per basket.
Chapter11: The Firm: Production And Costs
Section: Chapter Questions
Problem 15P
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Question
![The following table shows how apple output changes as additional apple pickers are hired per
day. Calculate marginal physical product, total revenue, and marginal revenue product. The price
of apples is $4 per basket.
Daily Apple Production
Marginal
Physical
Product
(baskets
4
5
Marginal
Revenue
Number of Apple
Total
Pickers
Output
Revenue
(pickers) (baskets) per picker) (dollars) per worker)
1
4
2
10
3
15
19
22
Product
(dollars
Refer to the Daily Apple Production table. 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?](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F6caf6888-7510-4e57-98ad-4d3884a1ba86%2F51c12524-5fce-41fa-b1e7-3e306f9d24ab%2Fb8q5i3m_processed.jpeg&w=3840&q=75)
Transcribed Image Text:The following table shows how apple output changes as additional apple pickers are hired per
day. Calculate marginal physical product, total revenue, and marginal revenue product. The price
of apples is $4 per basket.
Daily Apple Production
Marginal
Physical
Product
(baskets
4
5
Marginal
Revenue
Number of Apple
Total
Pickers
Output
Revenue
(pickers) (baskets) per picker) (dollars) per worker)
1
4
2
10
3
15
19
22
Product
(dollars
Refer to the Daily Apple Production table. 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?
![Refer to the Daily Apple Production table. 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?
Multiple Choice
O2 pickers
о
3 pickers
4 pickers
5 pickers](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F6caf6888-7510-4e57-98ad-4d3884a1ba86%2F51c12524-5fce-41fa-b1e7-3e306f9d24ab%2Fju21e19_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Refer to the Daily Apple Production table. 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?
Multiple Choice
O2 pickers
о
3 pickers
4 pickers
5 pickers
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