1. Why when it reaches its maximum point, when there is additional labor, the amount of marginal product (output) produced will decrease? 2. Look at the table below: Output Price TR MR TC AC MC Profit (unit) (S) ($) ($) ($) (S) ($) (S) 0 30 15 30 20 2 30 30 30 45 30 65 30 90 30 120 7 30 155 30 195 9 30 240 10 30 290 Question: a) What is the value of TR, MR, AC, MC and Profit? b) How much output must the firm produce in the above perfectly competitive market in order to achieve maximum profit