1. Farmer Annie's Ice Cream Shop has calculated the marginal product of labor, and the results...
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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? 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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Related Book For
Microeconomics
ISBN: 978-1464187025
2nd edition
Authors: Austan Goolsbee, Steven Levitt, Chad Syverson
Posted Date:
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