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The question is as follows: i. Judy's Ice Cream hires workers to produce milk shakes. The market for milk shakes is perfectly competitive and the

The question is as follows:

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i". Judy's Ice Cream hires workers to produce milk shakes. The market for milk shakes is perfectly competitive and the price of a milk shake is $4. The labor market is competitive and the wage rate is $4D a day. The table shows the worker's total product schedule. Number at Worker: Quantity Produce-st ml: shakes - - da a. Calculate the marginal product of hiring the fourth worker and the fourth worker's value of marginal product [VMP or MRP]. b. Draw the labor demand curve for this rm. a. How mans:r workers will this rm hire to maximize its profit and how ma n? milk shakes a dai.r will this firm produce? d. If the price of a milk shake rises to $5. how mam,r workers will this firm hire

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