What is the marginal revenue product of hiring one low-skilled worker to clear woodland for one month?

Suppose that low-skilled workers employed in clearing woodland can each clear one acre per month if Show more Suppose that low-skilled workers employed in clearing woodland can each clear one acre per month if each is equipped with a shovel a machete and a chainsaw. Clearing one acre brings in $1500 in revenue. Each workers equipment costs the workers employer $275 per month to rent and each worker toils 40 hours per week for 4 weeks each month. Instructions: In part a enter your answer as a whole number. In parts b-e round your answers to 2 decimal places. a. What is the marginal revenue product of hiring one low-skilled worker to clear woodland for one month? $. b. How much revenue per hour does each worker bring in? $. c. If the minimum wage were $9.28 would the revenue per hour in part b exceed the minimum wage? (Click to select)NoYes. If so by how much per hour? $ per hour. d. Consider the employers total costs. These include the equipment costs as well as a normal profit of $50 per acre. If the firm pays workers the minimum wage of $9.28 per hour what will the firms economic profit or loss be per acre? The firms (Click to select)profitloss per acre will be $. e. At what value would the minimum wage have to be set so that the firm would make zero economic profit from employing an additional low-skilled worker to clear woodland? $. Show less

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