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The nation of Ectenia has 20 competitive apple orchards, which sell apples at the world price of $2. The following equations describe the production function and the marginal product of labor in each orchard: Q = 100L- L 2 . MPL= 100 - 2L where Qis the number of apples produced in a day, Lis the number of workers, and MPL is the marginal product of labor. a. What is each orchard's labor demand as a function of the daily wage W?What is the market's labor demand? b. Ecteniahas 200 workers who supply their labor inelastically. Solve for the wage W. How many workers does each orchard hire? How much profit does each orchard owner make? c. Calculate what happens to the income of workers and orchard owners if the world price of apples doubles to $4. d. Now suppose the price of apples is back at $2, but a hurricane destroys half the orchards. Calculate how the hurricane affects the income of each worker and of each remaining orchard owner. What happens to the income of Ectenia as a whole?
Suppose that raw materials (input R) are fixed at 10 units. Determine the number of units of input L that maximizes the total product function.
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Will you be a net borrower or net saver - In exchange for a good grade in this class, you offer me a series of bribes.
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