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 $1,100 in revenue. Each worker's equipment costs the worker's employer $195 per month to rent and each worker toils 40 hours per week for 4 weeks each month.

Suppose that lowiskilled 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 $1,100 in revenue. Each worker's equipment costs the worker's employer $195 per month to rent and each worker toils 40 hours per week for 4 weeks each month. Instructions: In part 6, enter your answer as a whole number, In parts b-e, round your answers to 2 decimal places. If you are entering any negative numbers be sure to include a negative sign H in front of those numbers. 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, Ift1e minimum wage is $11.80, 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 prot of $50 per acre. If the rm pays workers the minimum wage of $11.80 per hour, what will the rm's economic prot or loss be per acre? (Note: Use a negative sign if you are entering a loss.) The firm's (Click to select) v per acre will be $9 9. At what value would the minimum wage have to be set so that the rm makes zero economic prot from employing an additional lowskilled worker to clear woodland? $