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Total product and the amount of labor hired

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Consider a competitor of Pitts Cherry Orchard. Suppose that the price of cherries is $400 per ton, and that the firm can hire as many workers as it would like at a wage of $270 per week. taking as given the numbers of trees, amount of land, and number of tractors that it has, the firm finds the following relationship between total product and the amount of labor hired.

Workers week: 0, 1, 2, 3, 4, 5, 6, 7,

Tons of cherries: 0, 12, 19, 23, 24, 24.9, 25.6, 26

Suppose that one of the employees of this orchard figures out a more effective way for workers to get cherries out of the trees. As a result of this suggestion, the relationship between total product and the amount of labor hired is as follows:

Worker weeks: 0, 1, 2, 3, 4, 5, 6, 7,

Tons of cherries: 0, 14, 22, 27, 28,2, 29.2, 30.1, 30.5

By how much does this suggestion raise the firms profits in the short run?

Reference no: EM133313832

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