Question # 4: (5 marks) A firm produces product X and sells it for SR50 per unit in a highly competitive market. To produce product X, the firm employs capital (K) and labor (L). Capital is assumed constant in the short run and the cost of labor (w) is SR. 4000 per worker. 1. Complete the following table and write the equations you use in your calculations of each column, where APL = Average Product of Labor, MPL = Marginal Product of Labor, P = the market price of product X, VMPL = the Value of Marginal Product of Labor: (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) MPL P K AL APL (SR) VMPL Labor Wage Profit Rate (SR) 0 30 80 50 1000 2 250 50 1000 3 500 50 1000 4 800 50 1000 5 1200 50 4000 6 1500 50 1000 1750 50 1000 Co 2000 50 4000 2200 50 1000 10 1 2160 50 4000 2100 50 4000 Page 7 of 8