Suppose that low-skilled workers employed in clearing woodland can each clear one acre per month if they are each equipped with a shovel, a machete, and a chainsaw. Clearing one acre brings in $1000 in revenue. Each worker’s equipment costs the worker’s employer $150 per month to rent, and each worker toils 40 hours per week for four weeks each month.
a. What is the marginal revenue product of hiring one low-skilled worker to clear woodland for one month?
Instructions: Enter only whole numbers for your answer.
$
b. How much revenue per hour does each worker bring in?
Instructions: Round your answer to two decimal places.
$
c. If the minimum wage were $6.20, would the revenue per hour in part b exceed the minimum wage? Choose:
No or Yes
Answers: 1
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Suppose that low-skilled workers employed in clearing woodland can each clear one acre per month if...
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