You work for a company that produces plastic protective cases for smartphones. In the first scenario, you are a relatively small producer producing a relatively generic case. You can reasonably expect to increase production without affecting the market price for the cases. In the second scenario, your product is unique on the market. To sell more, you will have to lower the price. First scenario: output price is given The table (below) gives the total output, per hour, for anywhere from 0 to 17 workers. You need to determine how many workers should be hired at five different wage rates, ranging from $13/hour up to $25/hour. The wage rate includes all relevant benefits. To get to this answer you will need to calculate the marginal product of labor and the marginal revenue product of labor. You will be entering the values you obtain for the boldy outlined celles into the Moodle submission area. Cost of the other (non-labor) inputs that go into a case (and would need to be increased if more labor was hired and output increased) = $13.00 Price received per case = $15.00 Marginal product of labor is the change in total product when labor is increased by one. Marginal Revenue Product (net of the cost of the other required inputs), when the output price is fixed) equals marginal product times the ((fixed) output price -$13) Number of workers Total product Marginal product of labor Marginal Revenue Product (net of the cost of the other required inputs) 0 0 1 10 2 21 3 33 4 46 5 60 6 75 7 91 8 106 9 120 10 133 11 145 12 156 13 165 14 172 15 177 16 179 17 179 Using the information from above, fill in the following 'derived demand' schedule: Hourly wage Number of workers to maximize profits $13.00 $17.00 $21.00 $23.00 $25.00