1. Given that wage is $10. The last worker hired by Cal's Corn Farm added 20 ears of corn. The price of 4 ears of corn is $1. Should Cal hire the last worker? 2. Explain why the long-run average cost is typically U-shaped. Explain the connection between the shape of long run average cost curve and returns to scale. 3. "Assuming the long-run average cost curve is U-shaped, a firm will always seek to operate at the lowest point on the long-run average cost curve." True or false? Explain your answer. 4. Why is the total profit curve shaped like a hill? Is it a good thing to go to a point where marginal profit is zero? Explain. What is the value of marginal profit at the profit-maximizing output