Question: Practice Problem 1. The following table reports the marginal product of the first 16 workers a tomato grower could hire, that is, it tells us

 Practice Problem 1. The following table reports the marginal product of

Practice Problem 1. The following table reports the marginal product of the first 16 workers a tomato grower could hire, that is, it tells us how many extra tomatoes each worker could grow. The tomato grower has monthly fixed costs of $50. The monthly wage of each worker is also $50. The tomato grower participates in a perfectly competitive market where there are currently 1000 identical growers. They sell boxes of tomatoes which contain 1500 tomatoes each and currently the market price of these boxes is $200. Worker MP Worker MP 400 500 400 N 500 600 350 700 300 800 275 250 to 800 700 225 100 CO 600

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