Part 1- Practice- Assume that you sell churros in a perfectly competitive product market and hire workers in a perfectly competitive labor market. The price of churros is $4 and the wage is $10. Complete the table and answer the questions: 1. Why are your workers Units Total Marginal Product Total considered "wage takers"? Marginal Marginal Of Product Product Price Revenue Revenue Resource Labor (L) (Q) (MP) (P) (TR) Product Cost 0 0 $4 $0 2. How many workers should 4 $4 you hire to maximize profit? 2 6 $4 3 4 $4 4 17 $4 3. Assume that your fixed costs 5 19 $4 are $20. Calculate your profit or loss. Show your work. 6 1 $4 7 19 $4 Part 2 - Graph It- Draw correctly labeled side-by-side graph for the labor market and for your firm. Label the equilibrium wage and quantity W, and QM, and the quantity of labor for your firm Q F