The nation of Ectenia has 40 competitive apple orchards, which sell apples at the world price of $2 per apple. The following equations describe the production function and the marginal product of labor in each orchard: Q = 120L-L2, MPL = 120-2L where Q is the number of apples produced in a day, L is the number of workers, and MPL is the marginal product of labor. What is each orchard's labor demand as a function of the daily wage W?
L=60-0.25W
L=2,400-10W
L=120-2W
L=60-0.5W
What is the market's labor demand?
L=2,400-10W
L=60-0.25W
L=2,400-0.25W
L=120-10W
Ectenia has 200 workers who supply their labor inelastically. The equilibrium wage is $__ per worker per day. Each orchard hires workers and makes a profit of $__ per day. (Note: Assume that wages are the firm's only costs.)
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