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MICRO END OF CHAPTER 7 QUESTIONS Q. 2 (10 Points) Determine whether each of the following is an explicit cost or an implicit cost: i. Payments for labor purchased in the labor market ii. A rm's use of a warehouse that it owns and could rent to another rm iii. Rent paid for the use of a warehouse not owned by the rm iv. The wages that rm owners could earn if they did not work for themselves Q. 5 (10 Points) Complete the following table. At what point does diminishing marginal returns set in? Units of the Variable Total Product Marginal Resource Product ___ ___ 3 _ 4.7 _4 ___