Consider the information in the production schedule below:

# of Workers	1	2	3	4	5	6	7	8	9	10	11	12	13	14	15	16	17
Total Product per day	0.1	0.3	0.6	1	1.45	2	2.5	2.8	3	3.19	3.37	3.54	3.70	3.85	4	3.9	3.7
Marginal Product
Average Product
Total Cost
Marginal Cost
Average Cost

** Notice each worker adds a partial unit of output.

1. Assume each worker receives $8. Develop new rows for
   1. Marginal Product
   2. Average Product
   3. Total Cost
   4. Marginal Cost
   5. Average Cost

1. After how many workers does diminishing returns set in?

1. What do you notice about marginal cost at this same number of workers?

1. Explain the relationship between marginal product and marginal cost.

1. If marginal revenue = $40, how many units should the firm produce to maximize profit: 1, 2, 3, or 4? How do you know?