The following table shows how apple output changes as additional apple pickers are hired.Calculate marginal physical product,total revenue,and marginal revenue product.The price of apples is $4 per basket.
Table 8.1-Apple Production 
-In Table 8.1,if the equilibrium wage is $16 per day,how many apple pickers will the firm hire?
Definitions:
Price Elasticity of Demand
A study of how price developments influence the demand proportions for a commodity.
Income Elasticity of Demand
An indicator of the variation in demand for a product or service resulting from alterations in buyers' income levels.
Perfectly Inelastic
A situation in demand where the quantity demanded does not change in response to a change in price.
Insulin
A hormone produced by the pancreas that regulates blood glucose levels by facilitating the uptake of glucose into tissues, used medically to treat diabetes.
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