Refer to the table below and answer the questions that follow.

 

 

  1. Diminishing returns to labor start with the ________ worker
  2. Second
  3. Third
  4. Fourth
  5. Fifth

 

  1. Marginal revenue product of the ________ worker is $1,000
  2. Second
  3. Third
  4. Fourth
  5. Fifth

 

 

  1. If workers are paid $600 per day, then the firm is profit maximizing when it hires ________ workers.
  2. Two
  3. Three
  4. Four
  5. Five

Solution

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