Labor (workers per day) Total product (units per day) Marginal product Average product 0 0 0 0 1 2 2 2 2 8 ​ ​ 3 12 ​ ​ 4 15 ​ ​ 5 16 1 ​ In the above table, the marginal product is greatest when the fourth worker is hired. first worker is hired. third worker is hired. second worker is hired.

Mc Graw c) Assuming that the cost of employing each worker is $220 per day (including wages and materials), and Custom Made Pot has daily fixed costs of $400, fill in Table B given below: Round your AVC and MC answers to one decimal place. Number of 2 WorkersOutput TVC($) 3 4 S TP 6 10 80 180 240 Quantity of labour 280 294 TFC Table B TC AVC($) ATC MC($) Prev 1 of 8 SAMSUNG Next >

Total Product 75 68 66 57 42 15 0 1 2 3 4 5 6 7 8 Labor (units) Refer to Figure 11-1. If the marginal product of labor curve was plotted on this figure, with marginal product on the vertical axis, the marginal product of labor curve would never intersect the horizontal axis. intersect the horizontal axis at a point between the 5th and 6th unit of labor. intersect the horizontal axis at a point between the 6th and 7th unit of labor. intersect the horizontal axis at a point somewhere beyond the 8th unit of labor.

a) Fill in the empty cells in the table.                You have been also given following additional info- Price = $ 10           Wage = $ 1500   Labor (L) Output (q) Marginal Product of Labor Value of the marginal product of labor: Wage Marginal profit 0 0         1 400         2 720         3 960         4 1020                                                                                                                                                b) When the company should stop hiring Workers. Explain