Business, 07.06.2021 14:50 kataldaine

Consider Live Happley Fields, a small player in the strawberry business whose production has no individual effect on wages and prices. Live Happley's production schedule for strawberries is given in the following table: Labor Output (Number of workers) (Pounds of strawberries) 0 0 1 20 2 38 3 54 4 68 5 80 Suppose that the market wage for strawberry pickers is $200 per worker per day, and the price of strawberries is $13 per pound. On the following graph, use the blue points (circle symbol) to plot Live Happley’s labor demand curve when the output price is $13 per pound. Note: Remember to plot each point between the two integers. For example, when the number of workers increases from 0 to 1, the value of the marginal product of for the first worker should be plotted with a horizontal coordinate of 0.5, the value halfway between 0 and 1. Line segments will automatically connect the points. Demand P = $13 Demand P = $15 0 1 2 3 4 5 300 270 240 210 180 150 120 90 60 30 0 WAGE (Dollars per worker) LABOR (Number of workers) 4.5, 156 At the given wage and price level, Live Happley should hire . Suppose that the price of strawberries increases to $15 per pound, but the wage rate remains at $200. On the previous graph, use the purple points (diamond symbol) to plot Live Happley's labor demand curve when the output price is $15 per pound. Now Live Happley should hire when the output price is $15 per pound. Assuming that all strawberry-producing firms have similar production schedules, an increase in the price of strawberries will cause the strawberry pickers to . Suppose that wages increase to $250 due to an increased demand for workers in this market. Assuming that the price of strawberries remains at $15 per pound, Live Happley will now hire .

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Consider Live Happley Fields, a small player in the strawberry business whose production has no indi...

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