Note: Remember to plot each point between the two integers. For example, when the number of workers increases from 0 to 1, the marginal revenue product 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 will automatically connect the points. WAGE (Dollars per worker) 300 270 240 210 180 150 120 90 60 30 0 0 1 3 LABOUR (Number of workers) 2 4 At the given wage and price level, Live Happley should hire Now Live Happley should hire 5 O Demand P = $15 Demand P = $13 ? Suppose that the price of strawberries decreases to $13 per kilogram, but the wage rate remains at $200. On the previous graph, use the purple points (diamond symbol) to plot Live Happley's labour demand curve when the output price is $13 per kilogram. ✓ when the output price is $13 per kilogram. Assuming that all strawberry-producing firms have similar production schedules, a decrease in the price of strawberries will cause the strawberry pickers to Suppose that wages decrease to $150 due to a decreased demand for workers in this market. Assuming that the price of strawberries remains at $13 per kilogram, Live Happley will now hire

Would you consider an interest payment on a loan to a film an explicit or implicit cost?

A common name for fixed cost is overhead. If you divide fixed cost by the quantity of output produced, you get average fixed cost. Supposed fixed cost is 1,000. What does the average fixed cost curve look like? Use your response to explain what spreading the overhead means.

What shapes would you generally expect a total product curve and a marginal product curve to have?

How do we calculate each of the following: marginal cost, average total cost, and average variable cost?

What is a production function?