1. Farmer Annie's Ice Cream Shop has calculated the marginal product of labor, and the results are shown in the following table. The wage
1. Farmer Annie's Ice Cream Shop has calculated the marginal product of labor, and the results are shown in the following table. The wage for workers is $70 per day, and the pints of ice cream sell for $5 per pint. umber of Workers per Day 0 1 2 3 4 5 6 7 Marginal Product (Pints of Ice Cream) 30 35 28 25 20 15 10 A. How many workers should Farmer Annie hire? B. If the wage for workers increases to $90 per day, how many workers will Farmer Annie hire? c. If the wage for workers is $70 per day, and the price of ice cream falls to $3 per pint, how many workers will Farmer Annie hire?
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Authors: Austan Goolsbee, Steven Levitt, Chad Syverson
2nd edition
1464187029, 978-1464189104, 1464189102, 978-0716759751, 716759756, 978-1464187025
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