Tom hires workers to pack the tomatoes he grows. The market for tomatoes is perfectlycompetitive, and the price of tomatoes is$2 a box. The labor market iscompetitive, and the market wage rate is$16 an hour. The table shows theworkers' total product schedule.

1. Calculate the marginal product of the third worker hired and thatworker's value of marginal product.

The marginal product of the third worker hired is

12

12 and thatworker's value of marginal product is $

nothing

.

2. How many workers will Tom hire to maximize profit and what will the workersproduce?

The number of workers Tom plans to hire to maximize profit is

nothing

and the quantity produced is

nothing

boxes.

3. If the market wage rate rises to$20 anhour, how many workers will Tomhire?

If the market wage rate rises to$20 anhour, Tom will hire

nothing

workers.