Plz answer the following 2 frqs in detail

Part 1: Hiring Workers- Use the chart for a rm in a perfectly competitive labor market to answer the questions. Quantity Total Marginal Workers Product Product 1. Assume that the market price of the product is $3 and the wage is $15. How many workers should be hired to maximize prot? 2. Assume that the fixed costs are $40. Calculate the prot or loss. 3. Assume that the price of the product increased to $5. How many workers should be hired to maximize prot? 4. Assume the fixed costs stays $40. Calculate the prot or loss. 5. Assume that the government established a minimum wage of $25, how many workers would the firm hire to maximize prot? 6. If the xed costs are $40. Calculate the profit or loss with the $25 minimum wage and $5 price. Part 2 - Graph Practice- The graph shows the Wage MRP for a different firm hiring workers in a perfectly competitive labor market. $50 $45 7. Assume that the wage is $20. Draw a marginal resource cost (MRC) curve and identify how many $40 workers should be hired to maximize profit? $35 8. Assume that the fixed cost is $50. What is the $30 total cost of hiring the profit maximizing quantity? $25 $20 9. Assume the firm produces in a perfectly competitive product market and the price of the $15 product is $2. How much additional output did the $10 last worker produce? MRP $5 10. Assume instead that the wage is $30. How many workers should be hired to maximize profit? 1 2 3 4 5 6 7 8 9 Workers 11. Assume that the fixed cost stays $50. What is the total cost of hiring the profit maximizing quantity