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The following table depicts the number of boxes of strawberries that can be picked in an hour with varying amounts of labor. Instructions: Enter
The following table depicts the number of boxes of strawberries that can be picked in an hour with varying amounts of labor. Instructions: Enter your responses as a whole number. If you are entering any negative numbers be sure to include a negative sign (-) in front of those numbers. Calculate marginal revenue product. Number of Pickers (per Hour) Total Strawberry Output (Boxes per Hour) Price of Strawberries ($ per Box) Total Strawberry Revenue ($ per Hour) Marginal Revenue Product ($) 0 0 $4 $0 1 5 4 20 2 10 4 40 3 14 4 56 4 17 4 68 569 19 4 76 20 4 80 20 4 80 Assuming that the price of strawberries is $4 per box, how many workers would be hired at a wage rate of a. $8 per hour? worker(s) b. $12 per hour? worker(s)
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