Profit-Maximizing in Factor Markets Part 1- Check Your Understanding- 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: Units Total Marginal Product Total Marginal | Marginal 1. Why are your workers Of Product Product Price Revenue Revenue Resource considered "wage takers"? Labor (L) (Q) (MP) (P) (TR) Product Cost 0 0 $4 $0 2. How many workers 4 $4 should you hire to maximize 2 6 $4 profit? 3 4 $4 4 17 $4 5 19 $4 3. Assume that your fixed 1 $4 costs are $20. Calculate your profit or loss. Show 7 19 $4 your work