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.
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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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
Marginal
Physical
Revenue
Number of
Apple
Product
Total
Product
Pickers
Output
(baskets
Revenue
(dollars
(pickers) (baskets) per picker) (dollars) per worker)
4.
2
10
3.
15
4
19
22
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
2 pickers
3 pickers
4 pickers
5 pickers](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fd51a7f9d-4567-40c8-87c4-0aace7e30602%2Fb323d953-fddc-47d4-88a0-9db9819b7a3e%2Fza48vcq_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
Marginal
Physical
Revenue
Number of
Apple
Product
Total
Product
Pickers
Output
(baskets
Revenue
(dollars
(pickers) (baskets) per picker) (dollars) per worker)
4.
2
10
3.
15
4
19
22
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
2 pickers
3 pickers
4 pickers
5 pickers
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