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Use the following table to answer the questions. Number of Workers Output Marginal Product of Labour Value of Marginal Product of Labour Wage Marginal Profit

Use the following table to answer the questions.

Number of

Workers

Output

Marginal Product

of Labour

Value of Marginal

Product of Labour

Wage

Marginal

Profit

0

0

1

100

$1,000

$500

$500

2

80

$800

$500

3

60

$500

$100

4

280

$400

$500

5

20

$500

For1 Markeach:

a) What is the market price of the final good?

b) If the firm hires two workers, how many units will the two workers together produce?

c) What is the marginal product of the fourth worker?

d) What is the marginal profit of the fourth worker?

e) What is the fourth worker's contribution to total revenue?

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