# This question examines the choice of hiring workers. You will use the amount of output produced b…

marginal product associated with hiring each number of workers. Task 2: In the table above, identify the marginal revenue product associated with hiring each number of workers if the price of a jar of peanut butter is \$5. Task 3: Suppose that the price of a jar of peanutbutter is \$5 and the cost of hiring a worker is \$20. How many workers should Patsys Peanuts hire? Explain your answer carefully Task 4: Suppose that the price of a jar of peanut butter is \$5 and the cost of hiring a worker is \$15. How many workers should Patsys hire? Explain your answer carefully ” src=”http://cdn.transtutors.com/questions/Transtutors006/Images/Transtutors006_f82f0819-b9e3-4332-aa45-2821a5d5f54f.png”>

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This question examines the choice of hiring workers. You will use the amount of output produced by different numbers of workers to identify the marginal product and marginal revenue product of labor. Additionally, you will derive the demand for labor curve. Patsy’s Peanuts produce and sells jars of peanut butter. Below, you are provided with the number of jars of peanut butter that Patsy’s Peanuts can produce with different numbers of workers. In the table above, identify the marginal product associated with hiring each number of workers. In the table above, identify the marginal revenue product associated with hiring each number of workers if the price of a jar of peanut butter is exist5. Suppose that the price of a jar of peanut butter is exist5 and the cost of hiring a worker is exist20. How many workers should Patsy’s Peanuts hire? Explain your answer carefully. Suppose that the price of a jar of peanut butter is exist5 and the cost of hiring a worker is exist15. How many workers should Patsy’s hire? Explain your answer carefully.