Last Updated on 01/20/2023 by Sophia

1. The demand for labor Dismiss All Please Wait . . . Please Wait… Consider Live Happley Fields, a small player in the strawberry business whose production has no individual effect on wages and prices. Live Happley’s production schedule for strawberries is given in the following table: Labor Input Total Output (Number of workers) (Pounds of strawberries) 0 0 1 18 2 34 3 48 4 60 5 70 Suppose that the market wage for strawberry pickers is $170 per worker per day, and the price of strawberries is $12 per pound. On the following graph, use the blue points (circle symbol) to plot Live Happley’s labor demand curve when the output price is $12 per pound. Note: Remember to plot each point between the two integers. For example, when the number of workers increases from 0 to 1, the marginal revenue product of the first worker should be plotted with a horizontal coordinate of 0.5, the value halfway between 0 and 1. Line segments will automatically connect the points. Created with Raphaël 2.1.2Demand P = $12Demand P = $160123453002702402101801501209060300WAGE RATE (Dollars per worker)QUANTITY OF LABOR (Number of workers) Created with Raphaël 2.1.2 Points: Close Explanation Explanation: At the given wage and price level, Live Happley should hire selector 1 one worker two workers three workers four workers five workers . Points: Close Explanation