The following table shows how apple output changes as additional apple pickers are hired perday. Calculate marginal physical product, total revenue, and marginal revenue product. The priceof apples is $4 per basket.Daily Apple ProductionMarginalMarginalPhysicalRevenueNumber ofAppleProductTotalProductPickersOutput(basketsRevenue(dollars(pickers) (baskets) per picker) (dollars) per worker)4.2103.1541922Refer to the Daily Apple Production table. If the price of apples increases to $10 per basket and theequilibrium 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 theequilibrium wage is $40 per day, how many apple pickers will the firm hire?Multiple Choice2 pickers3 pickers4 pickers5 pickers

With Price of the apple is 4 $ per basket where Margina physical product = Total apple output 2 -…

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.

Principles of Economics (MindTap Course List)

8th Edition

ISBN:9781305585126

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter18: The Markets For The Factor Of Production

Section: Chapter Questions

Problem 5PA

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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

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