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I need help on these 2 microeconomic questions: Question 35 (2.5 points) Use the following table to answer the next two questions. The following chart
I need help on these 2 microeconomic questions:
Question 35 (2.5 points) Use the following table to answer the next two questions. The following chart shows the marginal product of labor for a small business that has a fixed amount of per worker. capital in the short run equal to 10 units of capital. Each unit of capital costs $8 while the wage rate is $5 Number of workers MPL 0 1 5 2 10 3 12 4 15 5 7Between 4 units of workers and 5 units of workers, the firm experiences this is often caused by O Economies of scale; fixed capital O Diminishing Marginal returns; fixed capital Decreasing Return to scale; government regulation Constant Return to scale; constant wage rate Increasing Return to scale; government regulationQuestion 36 (2.5 points) Suppose that Carly's chocolate factory operating in competitive markets. It sells chocolate for $5 per unit and hires labour at $20 per hour. Given this information, the marginal factor cost (MFC) is To maximize prot, it should hire labour until the marginal product of labour is O 20; 1/5 chocolate per hour 0 20; 4 chocolate per hour 0 5; 5 chocolate per hour 0 5; 20 chocolate per hour O None of the aboveStep by Step Solution
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