Please answer these practice questions below by looking at the scenario:

Number of these questions please!!

Intro to Factor Markets Use the following information to answer the questions that follow: You hire workers to mow lawns. The wage for each worker is set at $100 a day. Each lawn mowed earns your firm $50. If you hire one worker, he can mow 4 laws per day. If you hire two workers, they can mow 5 lawns per day together. 1.What is the MRC for each worker? 2.What is the first worker's MRP? 3.What is the second worker's MRP? 4.How many workers will you hire? 5.How much (max.) are you willing to pay the 1st worker?6.How much will you actually pay the first worker? 7.What must happen to the wage in the market for you to hire the second worker? 8. Does minimum wage constitute a price floor or a price ceiling? 9. Give an Economic argument in favor of raising the minimum wage? 10. Give an Economic argument against raising the minimum wage