#2 answer options: one worker, two workers, 3 workers, 4 workers, or five worker

Question

#2 answer options: one worker, two workers, 3 workers, 4 workers, or five workers

#3 answer options: supply of or demand of

#4 options: decrease or increase

#5:one worker, two workers, 3 workers, 4 workers, or five workers

3. Profit maximization Consider Live Happley Fields, a small player in the strawberry business whose production has no individual effect on wages and prices. Live Happley's production schedule for strawberries is given in the following table: Output Labor (Number of workers) (Pounds of strawberries) 20 38 54 68 80 Suppose that the market wage for strawberry pickers is s200 per worker per day, and the price of strawberries is $13 per pound. On the following graph, use the blue points (circle symbo) to plot Live Happley's labor demand curve when the output price is $13 per pound. Note: Remember to plot each point between the two integers. For example, when the number of workers inc reases from 0 to 1, the marginal revenue product of labor 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. 300 T 270 Demand $13 240 210 Demand $15 180

Explanation / Answer

4 workers

3 workers

demand of

increase

4 workers

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