1.6. Suppose that in her first hour of work, Lynn can hand-knit four pairs of miens. During her second consecutive hour, Lynn can hand-knit three additional pairs of miens, and during her third hour of work, as a consequence of fatigue, she can hand-knit only one additional pair. Suppose that she works for up to three hours and makes a wage of $15 per hour.

a. Create a table relating the number of hours worked to the total number of pairs of miens produced, and graph the total product curve for the production of pairs of miens. Label clearly.

b. Looking at labor costs only (ignoring, for the purposes of this exercise, the cost of the yarn that she uses and any fixed costs), make a table relating costs to the number of pairs of miens produced. Graph the total (labor) cost curve for the production of miens. Label clearly.

c. How would you describe in words the paern of marginal returns? e paern of marginal costs?

d. What is the marginal product, in pairs of miens per hour, of her second hour of work? Of her third hour of work?

e. What is the marginal cost, in dollars per pairs of miens, as she goes from an output of four pairs of miens to an output of seven pairs of miens? What is the marginal cost of the eighth pair of miens?