The following table shows how apple output changes as additional apple pickers are hired perday. Calculate marginal physical product, total revenue, and marginal revenue product. The priceof apples is $4 per basket.Daily Apple ProductionMarginalPhysicalProduct(baskets45MarginalRevenueNumber of AppleTotalPickersOutputRevenue(pickers) (baskets) per picker) (dollars) per worker)142103151922Product(dollarsRefer to the Daily Apple Production table. If the price of apples increases to $10 per basket and theequilibrium wage is $40 per day, how many apple pickers will the firm hire? Refer to the Daily Apple Production table. If the price of apples increases to $10 per basket and theequilibrium wage is $40 per day, how many apple pickers will the firm hire?Multiple ChoiceO2 pickersо3 pickers4 pickers5 pickers

Marginal Revenue Product (MRP) is an economic concept used to measure the change in a firm's total…

The following table shows how apple output changes as additional apple pickers are hired per day. Calculate marginal physical product, total revenue, and marginal revenue product. The price. of apples is $4 per basket.

The following table shows how apple output changes as additional apple pickers are hired per day. Calculate marginal physical product, total revenue, and marginal revenue product. The price. of apples is $4 per basket.

Exploring Economics

8th Edition

ISBN:9781544336329

Author:Robert L. Sexton

Publisher:Robert L. Sexton

Chapter11: The Firm: Production And Costs

Section: Chapter Questions

Problem 15P

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Question

The following table shows how apple output changes as additional apple pickers are hired per
day. Calculate marginal physical product, total revenue, and marginal revenue product. The price
of apples is $4 per basket.
Daily Apple Production
Marginal
Physical
Product
(baskets
4
5
Marginal
Revenue
Number of Apple
Total
Pickers
Output
Revenue
(pickers) (baskets) per picker) (dollars) per worker)
1
4
2
10
3
15
19
22
Product
(dollars
Refer to the Daily Apple Production table. If the price of apples increases to $10 per basket and the
equilibrium wage is $40 per day, how many apple pickers will the firm hire?

Refer to the Daily Apple Production table. If the price of apples increases to $10 per basket and the
equilibrium wage is $40 per day, how many apple pickers will the firm hire?
Multiple Choice
O2 pickers
о
3 pickers
4 pickers
5 pickers

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