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:
NOTE: here are the options for the BLANKS when you get to those parts
At the given wage and price level, Live Happley should hire _____ (one worker OR two worker OR three worker OR four worker OR five worker)
Now Live Happley should hire _____ (one worker OR two worker OR three worker OR four worker OR five worker) when the output price is $15 per litre.
Assuming that all strawberry-producing firms have similar production schedules, an increase in the price of strawberries will cause the ____(demand for OR supply of) strawberry pickers to ______ (decrease OR increase)
Suppose that wages increase to $250 due to an increased demand for workers in this market. Assuming that the price of strawberries remains at $15 per litre, Live Happley will now hire ______ (one worker OR two worker OR three worker OR four worker OR five worker)
Extracted text: Suppose that the market wage for strawberry pickers is $200 per worker per day, and the price of strawberries is $13 per litre. On the following graph, use the blue points (circle symbol) to plot Live Happley's labour demand curve when the output price is $13 per litre. Note: Remember to plot each point between the two integers. For example, when the number of workers increases from 0 to 1, the value of the marginal product for the first worker should be plotted with a horizontal coordinate of 0.5, the value halfway between O and 1. Line segments will automatically connect the points. 300 270 Demand P = $13 240 210 180 Demand P= $15 150 120 90 60 30 LABOUR (Number of workers) At the given wage and price level, Live Happley should hire Suppose that the price of strawberries increases to $15 per litre, but the wage rate remains at $200. On the previous graph, use the purple points (diamond symbol) to plot Live Happley's labour demand curve when the output price is $15 per litre. Now Live Happley should hire when the output price is $15 per litre. Assuming that all strawberry-producing firms have similar production schedules, an increase in the price of strawberries will cause the strawberry pickers to Suppose that wages increase to $250 due to an increased demand for workers in this market. Assuming that the price of strawberries remains at $15 per litre, Live Happley will now hire WAGE(Dollars per worker)
Extracted text: 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) (Litres of strawberries) 1 20 2 38 3 54 4 68 80