Statistics Solutions

(See Steps) James Barnes owns a strawberry farm and hires students to pick and pack strawberries. The following table represents the amount of strawberries

Question: James Barnes owns a strawberry farm and hires students to pick and pack strawberries. The following table represents the amount of strawberries the students can pick and pack in one hour.

Number of Students Quantity of Strawberries
(kilograms)
1 20
2 60
3 96
4 126
5 154
6 174
7 190
8 200
9 208
10 214

The Barnes' can sell the strawberries for $0.50 per kilogram and the wage rate for students is $8.50 per hour.

  1. Calculate the marginal product and the marginal revenue product for the students and draw the respective curves
  2. Draw Mr. Barnes demand for labour curve. How many students does he employ?
  3. Now assume that the price of strawberries falls to 30 cents a kilogram, but students wages remain the same at $8.50 an hour. Answer the above 2 questions in the context of the new information.

Price: $2.99
Solution: The downloadable solution consists of 4 pages
Deliverable: Word Document


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