Ction function and the marginal product of labor in each orchard: qq = = 120l−l2120l−l2 mplmpl = = 120−2l120−2l where qq is the number of apples produced in a day, ll is the number of workers, and mplmpl is the marginal product of labor. now, suppose the price of apples is back at $2 per apple, but a hurricane destroys half the orchards so only 20 orchards remain. recall that each orchard's labor demand as a function of the daily wage is l=60−0.25wl=60−0.25w . what is the market's labor demand? l=120−10wl=120−10w l=1,200−10wl=1,200−10w l=60−0.25wl=60−0.25w l=1,200−5wl=1,200−5w ectenia continues to have 200 workers who supply their labor inelastically. the equilibrium wage is nowper worker per day. each orchard hiresworkers and makes a profit ofper day. (note: assume that wages are the firm’s only costs.) total income in the country (defined as workers' income plus orchards' profit) was equal to $46,000 before the crop destruction. true or false: total income of ectenia rose as a result of the crop destruction. true false
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Ction function and the marginal product of labor in each orchard: qq = = 120l−l2120l−l2 mplmpl = =...
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