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 9 2 17 3 24 4 30 5 35 Suppose that the market wage for strawberry pickers is $100 per worker per day and the price of strawberries is $18 per pound. On the following graph use the blue points (circle symbol) to plot Live Happleys labor demand curve when the output price is $18 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. 1) At the given wage and price level Live Happley should hire ________ workers? a) 1 b) 2 c) 3 d) 4 e) 5 Suppose that the price of strawberries decreases to $14 per pound but the wage rate remains at $100. On the previous graph use the purple points (diamond symbol) to plot Live Happleys labor demand curve when the output price is $14 per pound. 2) Now Live Happley should hire __________ when the output price is $14 per pound. a) 1 b) 2 c) 3 d) 4 e) 5 3) Assuming that all strawberry-producing firms have similar production schedules a decrease in the price of strawberries will cause the (supply of/ demand of?) strawberry pickers to (decrease/ increase?) . 4) Suppose that wages decrease to $90 due to a decreased demand for workers in this market. Assuming that the price of strawberries remains at $14 per pound Live Happley will now hire ____ workers. a) 1 b) 2 c) 3 d) 4 e) 5 Show less

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