Consider Live Happley Fields a small player in the strawberry business whose production has no indi Show more Consider Live Happley Fields a small player in the strawberry business whose production has no individual effect on wages and prices. Live Happleys production schedule for strawberries is given in the following table: Labor 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 Happleys 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 value of the marginal product of for 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. At the given wage and price level Live Happley should hire (1 2 3 4 5) workers Suppose that the price of strawberries increases to $16 per pound but the wage rate remains at $170. On the previous graph use the purple points (diamond symbol) to plot Live Happleys labor demand curve when the output price is $16 per pound. Now Live Happley should hire (12345) workers when the output price is $16 per pound. Assuming that all strawberry-producing firms have similar production schedules an increase in the price of strawberries will cause the (demand for/supply of) strawberry pickers to (decrease/increase) Suppose that wages increase to $200 due to an increased demand for workers in this market. Assuming that the price of strawberries remains at $16 per pound Live Happley will now hire (12345) workers. Show less

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