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The following table depicts the number of grapes that can be picked in an hour with varying amounts of labor. Instructions: In the table,
The following table depicts the number of grapes that can be picked in an hour with varying amounts of labor. Instructions: In the table, round your responses to two decimal places. In part b, enter your response as a whole number. If you are entering any negative numbers be sure to include a negative sign (-) in front of those numbers. a. Assuming that the price of grapes is $3.50 per flat, calculate total revenue and marginal revenue product (MRP). Number of Pickers (per Hour) Output of Grapes (Flats per Hour) Price of Grapes ($ per Flat) Total Revenue ($ per Hour) Marginal Revenue Product (MRP) ($ per Hour) 0 0 3.50 0 1 10 3.50 2 28 3.50 3456700 43 3.50 54 3.50 61 3.50 64 3.50 65 3.50 8 61 3.50 b. How many pickers will be hired if the going wage rate is $10.50 per hour? picker(s)
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