This company sells its product in a perfectly competitive product market at aprice of $4 eachand hire labor in a perfectly competitive labor market at awage of $450per week.

1. Calculate theMarginalMarginalProductof the 1st, 2nd, and 3rd. (3 points)
2. Calculate theValue ofMarginalProductof the 1st, 2nd, and 3rd. (3 points)
3. How many workers should it hire?(2 points) How do you know? Explain your answer. (2 points)

number Total Marginal Value of Product Marginal of Labor Output of Labor Product of Labor 140 260 3 360 440