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How many workers should an apple orchard hire?

The following schedule shows the production schedule at the delicious Apple Orchard for 2006:
WORKERS TOTAL BUSHELS OF APPLES PER DAY
0 0
1 40
2 70
3 90
4 100
5 105
6 102

If apples sell for $2 per bushel and workers can be hired in a competitive labor market for $30 dollars per day, how many workers should be hired? What if workers unionized and the wage rose to $50? (Hint: Create marginal product and marginal revenue product columns for the table.) describe your answers clearly.

 

Business Economics, Economics

  • Category:- Business Economics
  • Reference No.:- M923934

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