Question 8 5 pts Suppose, due to a technological innovation, the marginal product of each worker rises by four. At the same time, due to tight labor markets, the wages that you must pay rise to $100 per day. Additionally, preferences for your product rise and thus prices rise to $4.00. Given these new conditions, on a piece of scrap paper, fill in a table like the following. The current wage is $100 and the price of output (Q) is equal to $4.00 NOTE: You will not need to submit this table, but it will help you answer the following THREE questions. Exam 1 Table 2 L O MP MRP Marginal Profit Total Profit 0 0 1 3 4 5 6 1. How many workers will you hire to maximize profits? 2. What are the maximum profits? 3. How much output is produced at profit maximization? NOTE: You need to answer this question fully in the text box located below. Be complete with your answers. This question is worth 5 points! Edit View Insert Format Tools Table