Business, 26.02.2020 03:33 shanicar33500

The nation of Ectenia has 80 competitive apple orchards, which sell apples at the world price of $2 per apple.

The following equations describe the production function and the marginal product of labor in each orchard: Q=80L-L2 MPL 80 2L where Q is the number of apples produced in a day, L is the number of workers, and MPL 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 40 orchards remain. Recall that each orchard's labor demand as a function of the daily wage is L 400.25W. What is the market's labor demand?

Ectenia continues to have 1,200 workers who supply their labor inelastically. The equilibrium wage is now S

Assume that wages are the firm's only costs.) per worker per day. Each orchard hires workers and makes a profit of per day. (Note: Total income in the country (defined as workers income plus orchards' profit) was equal to $156,000 before the crop destruction True or False: Total income of Ectenia rose as a result of the crop destruction

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The nation of Ectenia has 80 competitive apple orchards, which sell apples at the world price of $2...

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