The table below shows the data for Willie the Pickle Maker.The marginal product figures are for cases of pickles per day.
a)Fill in the MRP1 column assuming that the firm sells its product in a competitive market for $24 a case (situation A).Then,fill in the MRP2 column assuming that the price of a case of pickles increase to $27 (situation B)
b)If labour costs $220 a day,how much labour will Willie the Pickle Maker hire in each of the two situations?
c)What has happen to demand curve for labour in the two situations?
Definitions:
Organic
Pertaining to or derived from living organisms, in food production referring to practices that do not use synthetic pesticides or fertilizers.
Profit
The profit achieved when the revenue generated from a business operation surpasses the expenses, costs, and taxes needed to maintain the operation.
External Effects
Also known as externalities, these are positive or negative consequences of economic activities experienced by unrelated third parties.
Highly Differentiated
Products or services that are distinct and stand out from those of competitors because of features, quality, or design.
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