Suppose that low-skilled workers employed in clearing woodland can each clear one acre per month if each is equipped with a shovel, a machete, and a chainsaw. Clearing one acre brings in $1,400 in revenue. Each worker's equipment costs the worker's employer $255 per month to rent and each worker toils 40 hours per week for 4 weeks each month.

Instructions: In part a, enter your answer as a whole number. In parts b-e, round your answers to 2 decimal places.

a. What is the marginal revenue product of hiring one low-skilled worker to clear woodland for one month?

$

b. How much revenue per hour does each worker bring in?

$

c. If the minimum wage is $13.65, by how much will the revenue per hour in part b differ from the minimum wage?

$

d. Consider the employer's total costs, which include the equipment costs as well as a normal profit of $50 per acre. If the firm pays workers the minimum wage of $13.65 per hour, what will the firm's economic profit or loss be per acre? (Note: Enter your answer as a positive numberthat is, do not use a negative sign if you are entering a loss.)

The firm's(Click to select)lossprofitper acre will be $.

e. At what value would the minimum wage have to be set so that the firm makes zero economic profit from employing an additional low-skilled worker to clear woodland?

$