Question: Study the following information in the table given below. # of Total Product of MP MRPL workers Labor 1 6 6 90 2 13 105

Study the following information in the table given below. # of Total Product of MP MRPL workers Labor 1 6 6 90 2 13 105 3 19 6 90 4 24 5 75 5 28 4 60 6 31 3 45 The farm stand in Appletown sells bushels of peaches in a competitive output market for $15 per bushel. The table above shows the relationship between the number of workers and the number of bushels of peaches produced. Answer the questions below given this information. 1. Add your own column labeled MP and calculate the MP for each of the quantities of labor. 2. What is the marginal product for the third worker? 3. Now add a column to calculate the marginal revenue product of labor (MRPL) for all quantities. 4. If each worker at the farm stand is hired for the competitive market wage rate of $65 a day ofit? Explain

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