Elucidate what happen to the prices of oranges and marginal

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Reference no: EM1358135

Suppose a freeze destroys part of the Florida orange crop.

a. Elucidate what happen to the prices of oranges and marginal product of orange pickers as a result of a freeze. Can you say what happens to the demand for oranges pickers. Why or why not?

b. Suppose the price of oranges doubles and the marginal product of orange pickers falls by just 30 percent, what happen to the equilibrium wage of orange pickers?

c. Suppose the price of oranges rises by 30 percent and the marginal product of orange pickers falls by just 50 percent, what happen to the equilibrium wage of orange pickers?

Reference no: EM1358135

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