Reference no: EM131393030
Consider the workers at McGinnis orchards whose production schdule for boxes of apples is given by the following table:
Labor Quantity
0 0
1 10
2 19
3 27
4 34
5 40
Live happley is a small player in the apple business and has no individual effect on wages and prices. Suppose that the market wage for apple pickers is $200. If the price of apples is $16 per box, Live Happley should hire? (1,2,3,4,5 workers)
Suppose that the price of apples falls to $16 per box, but the wage rate remains at $100. Now, mcGinnis should hire? (1,2,3,4,5 workers)
Assuming that all the apple-producing firms have a similar production schedule, a decrease in the price of apples will cause the (demand for, supply of) apple pickers to (increase or decrease).
Suppose that wages rise to $118 due to an increase in demand for workers. Assuming that the price of apples remains $16 per box. McGinnis will now hire (1,2,3,4,5 workers)
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