Attempts Keep the Highest / 5 2 . Profit maximization 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: Labour Output (Number of workers) (Kilograms of strawberries) 0 0 10 N 19 27 34 40 Suppose that the market wage for strawberry pickers is $118 per worker per day, and the price of strawberries is $16 per kilogram. On the following graph, use the blue points (circle symbol) to plot Live Happley's labour demand curve when the output price is $16 per kilogram. Note: Remember to plot each point between the two integers. For example, when the number of workers increases from 0 to 1, the marginal revenue product of labour 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.200 - + 180 Demand P = 516 + 150 I n r 120 ' Demand P = $12 WAGE (Dollars per marker) LABO UR {Number of wonders) At the given wage and price level, lJve Happley should hire V . Suppose that the price of strawberries decreases to $12 per kilogram, but the wage rate remains at $118. On the previous graph, use the purple points (diam and symbol) to plot Live Heppiey's labour demand curve when the output price is $12 per kilogram. Now Live Happley should hire V when the output price is $12 per kilogram. Assuming that all strawberryproducing rms have similar production schedules, a decrease in the price of strawberries will cause the V strawberry pickers to V . Suppose that wages decrease to 5100 due to a decreased demand for workers in this market. Assuming that the price of strawberries remains at 512 per kilogram, Live HamJle}.r will new hire V