Explain production schedule for boxes of apples

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Reference no: EM13184153

Consider the workers at live happley orchards whose production schedule for boxes of apples is given by the following table:

Labor/Quantity

0/0

1/18

2/34

3/48

4/60

5/70

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 $12 per box, but the wage rate remains at $200. Now, live happley 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 fall to $170 due to a decreases demand for workers. Assuming that the price of apples remain the same at $12 per box, Live Happley will now hire (1,2,3,4,5 workers)

Reference no: EM13184153

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