Microeconomic

The data below show the relationship between number of workers hired and cost and revenue for a small, competitive farm in Alberta. Number of Wage| Price Output Marginal product Value of marginal Marginal workers of labour product of labour profit 0 $170 $5 0 $170 $5 70 2 $170 $5 130 $170 $5 180 $170 $5 220 $170 $5 245 Complete the columns of marginal product of labour, value of marginal product of labour, and marginal profit. b If the farm above decided to maximize its profit, how many workers would it hire? Explain your answer. Given the results from question (b) above, let's assume the above farm has now a fixed cost of $10, and labour is the only variable factor. What is the farm's profit? Show your calculation. d At what point do diminishing returns set in for the farm above? Explain.| a Describe the process by which the market for capital and the market for land reach equilibrium. As part of your description, elaborate on the role of the stock