EXERCISE Jewel was recently hired to manage Durable Jeans Inc.. The shopsells jeans for $50 each. Th

EXERCISE Jewel was recently hired to manage Durable Jeans Inc.. The shopsells jeans for $50 each. The fixed cost of keeping the factoryopen is $200 per day. Jewel is trying to decide how many workers toemploy at $50 per day. Here is some relevant data:
Quantity of Workers             TPP(Total Physical Product or Output) 0                                             0 1                                             5 2                                            15 3                                             20 4                                               23 5                                             24 6                                             23 1. The marginal physical product of the 4th worker is what? 2. The marginal revenue of product of the 2nd worker iswhat? 3. To minimize average costs (and consequently to maximizeprofits), the store should employ how many workers? 4. Does the principle of diminishing returns to labor seem toapply in the above example? Explain how this concept is related toincreasing marginal costs. . . .

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