Asked by
Megan Ghelfi
on Oct 26, 2024Verified
(Table: Workers and Corn Output) Use Table: Workers and Corn Output.Laura is a price-taking farmer who produces corn.Assume that the wage rate for workers is $125 and the price per bushel of corn is $10.To maximize profits,Laura should employ _____ workers.
A) 2
B) 3
C) 4
D) 6
Price-Taking Farmer
An agricultural producer who has no control over the prices of the products they sell and must accept the prevailing market prices.
Corn Output
The total amount of corn produced, often considered in agricultural and economic studies regarding productivity and market supply.
Workers
Workers refer to individuals engaged in any form of economic activity or labor, often for compensation, within various sectors of an economy.
- Employ the theory of marginal productivity to calculate the optimal workforce size for profit maximization.
Verified Answer
AM
Learning Objectives
- Employ the theory of marginal productivity to calculate the optimal workforce size for profit maximization.