QuesLull 4 ( 10 PUITILS) question 4 (show all your work) The Kids First Industries are the makers of the Funzo toy. To create its toy, it uses labour as its only input. Suppose that the market price for the funzo toy is $2 per toy and that the wage rate for labour is $10 per hour. Use the following schedule to answer the questions below. Labour Output (hours) (Funzo toy) 4 10 18 6 24 29 8 33 a. [2 points] What is the marginal product of labour from 5 to 6 hours? From 7 to $ hours? b. [1 point] The marginal product of labour curve is [circle one] negatively / positively sloped. c. [2 points] What is the marginal revenue product of labour from 4 to 5 hours? $_ From 6 to 7 hours d. [1 point] The derived demand curve is [circle one] negatively / positively sloped. e. [1 point] How much labour should the firm hire? f. [1 point] how much labour should the firm hire if the wage rate drops to $1.25? g. [2 points] The elasticity of labour in this industry is [ circle one] smaller / larger than its elasticity of supply to the entire economy if labour is [circle one ]mobile / immobile