1. Bindery Express LLC. is an online business. It mostly takes book binding orders from its customers, shipping out the final products. It also accepts print orders used for advertisement. The first two columns of the table below report the number of machineries and number of employees that are utilized on daily basis at BE LLC.

Number of Machineries	Number of Employees	Output	Fixed Cost	Variable Cost	Total Cost	Average Cost	Marginal Cost
K	L	Q	FC	VC	TC	ATC	MC
3	2	13.2	27.5	515	542.5	41.1	--
3	3	17.25	27.5	600	627.5	36.37	20.98
3	4	20.86	27.5	685	712.5	34.15	23.54
3	5	24.16	27.5	770	797.5	33.01	25.75
4	6	30.06	27.5	970	997.5	33.18	33.9
4	7	33.27	27.5	1055	1082.5	32.54	26.48
4	8	36.34	27.5	1140	1167.5	32.12	27.69
4	9	39.28	27.5	1225	1252.5	31.89	28.91

Note: All variables are recorded and computed on daily basis; e.g., K=3 and L=2 imply that 3 machineries and 2 employees are employed at BE LLC per day. It should also be noted that daily output (Q) is measured in number of "standardized" projects per day.

1. Consider the information in Question No. 1. Focus on the part where only 3 machineries are in use (i.e., K=3) and between 2 and 5 employees are employed (i.e., L=2, ..., L=5).
   • Compute the daily marginal product of the 3^rd employee (MPL₃), the 4^th employee (MPL₄), and the 5^th employee (MPL₅).
   • The average price of each order (P) is equal to $25.33. Compute the daily value of the marginal product of the 3^rd employee (VMPL₃), the 4^th employee (VMPL₄), and the 5^th employee (VMPL₅).
   • Consider the information in part c of Question No. 1, suggesting that the daily cost of one employee (L) is $85. Provide Yes or No answers to the questions below
     • Is it optimal for the manager to hire the 3^rd employee?
     • Is it optimal for the manager to hire the 4^th employee?
     • Is it optimal for the manager to hire the 5^th employee?
     • In one short paragraph, explain the reasoning behind your Yes or No answers