Question Three (40 points): Assume that the price in the market is $2 per output, the wage rate paid to each worker is $20/day and the total fixed cost = $10 Werken Op Vurable Total Total Marginal Marina Marginal Veel Reveneco Revenue Costudo S day day Sday products Sit unit wher 0 per day perdas com 1 40 5 165 1 181 1. Complete the missing information in the above table. (14 points) 2. From the above table, what is the maximum profit the producer will make? Explain your answer using the MR/MC concept. (6 points) 3. From the above table, how many workers the producer should use? (6 points) 4. A firm encountering economies of scale over some range of output will have a: 6 points) A) rising long-run average cost curve. B) falling long-run average cost curve. C) constant long-run average cost curve. D) rising, then falling, then rising long-run average cost curve. Explain your answer. 5. Given the following table for a firm's output and total cost: (8 points) Duput Tecalco 1 540 520 2 3 596 5120 5140 $150 5 Does the above firm experiences economies of scale, constant returns to scale or diseconomies of scale? Justify your answer. Best wishes Fall 2020-2021