Chapter Checkpoint

Study Plan Problems and Applications

  1. A California asparagus farmer is maximizing profit. The price of asparagus is $2 a bunch, a farm worker’s wage rate is $12 an hour, and the asparagus farm employs six workers. What is the marginal product of the sixth farm worker? If, when the price of asparagus rises to $3 a bunch, the farm hires eight workers, what is the marginal product of the eighth worker?

  2. Through the 1990s, the percentage of high school students who decided to go to college increased. Draw a demand-supply graph to illustrate ...

Get Foundations of Economics, 8th Edition now with the O’Reilly learning platform.

O’Reilly members experience books, live events, courses curated by job role, and more from O’Reilly and nearly 200 top publishers.

Start your free trial