Refer to the following table. What is the average product of the 4th worker? Number of Workers 0 1 2 3 4 5 6 Units of Capital 4 units of output LO 5 LO 5 LO 5 5 5 5 LO 5 Group of answer choices 3 units of output 16 units of output 6 units of output Output 0 2 5 9 16 22 23

The table below shows your production function relating output per number of hired workers (assume no changes to the capital and size of the convenient store. Use the given information to find the Marginal Product of Labor. Workers Total Output 0 0 1 2 3 4 LO 5 90 149 182 197 202 Marginal Product A OHire a number of workers where marginal product is positive OHire a number of workers where marginal product is negative OHire the number of workers where marginal product is maximized — ← What should determine the number of workers to hire if your goal is to maximize efficiency? OHire as many employees as possible OHire the minimum number of workers

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1. Suppose that Bill owns a vehicle smash repair shop. The table below shows how the quantity of cars Bill can repair per month depends on the number of workers that he hires. Assume that he pays each worker $4000 per month and his fixed costs are $6000 per month. Using the information provided, complete the table. QUANTITY QUANTITY OF OF CARS PER WORKERS MONTH 0 1 2 3 4 LO 5 0 20 30 40 50 55 FIXED COSTS $6000 VARIABLE COSTS TOTAL COST AVERAGE TOTAL COST