Can you please check my work?

Unit 4 FRQ Test 1. Number of Workers Marginal Revenue Product per Day 1 $450 GL 2 $500 $450 4 $400 5 $300 6 $100 The table above gives the short-run marginal revenue product of labor per day for a perfectly competitive firm. The firm is currently selling its product at the market price of $5. a. Calculate the marginal (physical) product of the third worker. $4 50 90 units b. Define the law of diminishing marginal returns and explain why it occurs. def : as more units of a varicable input are added to a fixed input, the output increases at a decreasing rake why: occurs because of the overuse of the fixed input c. Diminishing marginal returns first occur with the hiring of which worker for the firm? 3 rd worker d. What is the highest daily wage that the firm is willing to pay to hire the fifth worker? $300 e. What will happen to the demand for labor if the market price of the product increases? Explain. demand for labor will increase because the increase in the product price raises the marginal reserve godect of labor