1.2 The following schedule shows the technology of production at Mahalo Macadamia Nut Farm for 2015: Workers...

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1.2 The following schedule shows the technology of production at Mahalo Macadamia Nut Farm for 2015:

Workers Total Pounds of Macadamia nuts Per Week 0 0 1 1,200 2 2,000 3 2,500 4 2,700 5 2,800 6 2,400 If macadamia nuts sell for $3.50 per pound and workers can be hired in a competitive labor market for $800 per week, how many workers should be hired? What if workers unionized and the weekly wages doubled?

(Hint: Create marginal product and marginal revenue product columns for the table.) Explain your answers clearly.

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Principles Of Microeconomics

ISBN: 9789813107342

12th Global Edition

Authors: Karl E. Case, Sharon E. Oster, Ray C. Fair

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