1. {10 points} Hiro owns and operates a small business that provides economic consulting seryices. During the year he spends 551000 on trayel to clients and ether expenses. In addition, he owns a computer that he uses fer things not related to his work. If he didn't use the computer. he could sell it and earn yearly interest of 3610:] on the money created through this sale. Hiro's total revenue for the year is SIUDEDDD. Instead of working as a consultant for the year. he could teach economics at a small local college and make a salary of ssopoo. a. What is Hiro's accounting profit? o. What is Hiro's economic profit? c. Assuming he is only concerned about money. should Hiro continue working as a consultant, or should he teach economics instead? 2. {to points) Use the table below to answer the following questions. Show your work and briefly explain your answers. L ' Q [total product} ' MP_ 'o' mo . .. ' l ' 2o ' ' 2 ' ' ao ' a ' so ' '4 ' ' ao j s f 14o ' a. What is the marginal product of labor for the l?- worker? in. What is the total product when the lth worker is hired? c. at which worker does diminishing marginal returns set in