Homework Answers
| Number of pickers (per hour) | Output of grapes (in flats) | Marginal Physical Product (MPP) |
Marginal Revenue Product = MPP * Price |
| 1 | 10 | - | - |
| 2 | 28 | 18 | 36 |
| 3 | 43 | 15 | 30 |
| 4 | 54 | 11 | 22 |
| 5 | 61 | 7 | 14 |
| 6 | 64 | 3 | 6 |
| 7 | 65 | 1 | 2 |
| 8 | 61 | -4 | -8 |
The marginal revenue product will be equal to the total value in monetary terms by each additional picker. If the going wage rate is $14 per hour, then only 5 pickers should be hired. This is because hiring any further pickers will result in a loss as the marginal revenue product from any more pickers will be less than wage of each picker. So in order to maximise the profit, 5 pickers should be hired.
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Assuming that the price of grapes is $2 per flat, complete the marginal physical product and...
The following table depicts the number of grapes that can be picked in an hour with...
The following table depicts the number of grapes that can be picked in an hour with varying amounts of labor. Assuming that the price of grapes is $250 per flat, calculate total revenue and marginal revenue product (MRP) and answer one question about hiring. Instructions: If you are entering any negative numbers be sure to include a negative sign (-) in front of those numbers, Number of Pickers Output of Grapes (per hour) (in flats) Total Revenue Marginal Revenue Product...
The following table depicts the number of grapes that can be picked in an hour with...
The following table depicts the number of grapes that can be picked in an hour with varying amounts of labor. Assuming that the price of grapes is $3 per flat, calculate total revenue and marginal revenue product (MRP), graph the MRP curve, and answer one question about hiring Instructions: If you are entering any negative numbers be sure to include a negative sign (-) in front of those numbers. Marginal Revenue Total Revenue Number of Pickers Output of Grapes (per...
The following table depicts the number of grapes that can be picked in an hour with...
The following table depicts the number of grapes that can be picked in an hour with varying amounts of labor Assuming that the price of grapes is $3 per flat, calculate total revenue and marginal revenue product (MRP), graph the MRP curve, and answer one question about hiring. Instructions: If you are entering any negative numbers be sure to include a negative sign () in front of those numbers. Number of Pickers Marginal Revenue Output of Grapes Total Revenue Product...
The folowing table depicts the number of grapes that can be picked in an hour with...
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The following table depicts the number of grapes that can be picked in an hour with varying amounts of labor. Assuming that the price of grapes is $250 per flat, calculate total revenue and marginal revenue product (MRP) and answer one question about hiring. Instructions: If you are entering any negative numbers be sure to include a negative sign (-) in front of those numbers, Number of Pickers Output of Grapes (per hour) (in flats) Total Revenue Marginal Revenue Product...
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The following table depicts the number of grapes that can be picked in an hour with varying amounts of labor Assuming that the price of grapes is $3 per flat, calculate total revenue and marginal revenue product (MRP), graph the MRP curve, and answer one question about hiring. Instructions: If you are entering any negative numbers be sure to include a negative sign () in front of those numbers. Number of Pickers Marginal Revenue Output of Grapes Total Revenue Product...
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