Taiwo owns a piece of land on which he grows millet. His annual revenue from selling the millet is $100,000. Annually he requires $2,000 in seed, $?,000 in fertilizer, and $8,000 in pesticides. He uses his own labour hours to grow the corn and therefore hires no workers. If Taiwo did not use his time to grow corn, he would instead be able to teach economics, earning $35,000 per year. 1. Explain which is greater using values, accounting cost or economic cost? 2. How much is Taiwo's accounting prot? 3. How much is Taiwo's economic prot? Use the graph below to answer the questions that follow. Price 02 = Marginal social benet D1 = Marginal private benefit 0 am on 00 Quantity 1. Identify the efficient output level 2. Identify the privately optimal output level 3. The deadweight loss due to externality is represented by the area................ The following table shows the production schedule for ABC manufacturing company, which manufactures pens. Use the schedule to answer the following questions. Show your workings Labour {qua ntity Number of pens Fixed cost otal cost - f workers} produced {daily} 1) Calculate the total product of five [5) workers. 2) How much is output per worker, when there are three {3) workers? 3) What is the marginal product of the fifth [5th] worker? 4) Does the schedule exhibit increasing or decreasing marginal returns