1. Ali was job seeking. He decided he would not work for anything less than

$18/hour. He was hired at $22/hour.

a. What is Ali's price of leisure per hour? Explain. 1 Mark

b. What is Ali's economic rent per hour? Explain. 1 Mark

Workers per day	Cost Of labour per day Column A	Total Product Per day	Marginal Product Of worker per Day Column B	Marginal Revenue Product of each worker $, Column C.
1		6
2		16
3		24
4		30
5		34
6		36

Refer to the Table above. The products being made by the workers can be sold in perfectively competitive market for $50 each, and all workers are paid $250 per day.

c. Calculate the cost of labour per day for 4 workers. 1 Mark

d. Calculate the Marginal Product of the 3^rd worker. 1 Mark

e. Calculate the Marginal Revenue Product of the 5^th worker. 1 Mark