Question Three Assume that the price in the market is $2 per output, the wage rate paid to each worker is $20/day and the total xed cost = $10 Workers Output Variable Marginal Marginal Marginal Value of per day per Revenue Product marginal ' ' unit/worker product I- E- E- 130 _ 1. Complete the missing information in the above table. 2. From the above table, what is the maximum prot the producer will make? Explain your answer using the MR/MC concept. 3. From the above table, how many workers the producer should use? 4. A rm encountering economies of scale over some range of output will have a: 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 rm's output and total cost: I Does the above rm experiences economies of scale, constant returns to scale or diseconomies of scale? Justify your answer. Best wishes