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Total 15 points. 1) (4 points) Labor markets and wage determination Table 1. Chocolate chip cookie output and number of workers. Cookies sell for $2.50 each. Ingredients (butter, eggs, flour, nuts, sugar, vanilla cost $0.50 for each cookie. a) (1 point) Nick Seaman (Black Sheep Bakery in Amherst) has estimated the number of brownies produced for different numbers of workers (see table 1). Why does output increase with more workers? Why does output increase at a diminishing rate? Would output increase at a diminishing rate if there were additional ovens and workspace? (1 point) Cookies sell for $2.50 each and each requires $0.50 in ingredients. (The Black Sheep uses quality chocolate!) Graph the demand for labor as a function of the wage using the data in table 1. What happens to the number of workers hired when wages go up? How many workers will be hired and how many cookies made at a wage of $39 ? How many workers will be hired and how many cookies made if the wage falls to $27 ? (1 point) Nick could buy a 2nd oven. He estimates that the 2nd oven would raise output for any given number of workers as indicated in table 2 . How many workers will be hired and how many cookies produced with two ovens at a wage of $39 ? At a wage of $27 ? Would your answer change any if there is a limited market for chocolate chip cookies so that Nick would have to lower the price of cookies to sell more? (1 point) Like many retail employers, Nick experiences high turnover among his workers which forces him to devote much time to hiring and training workers. He finds that paying higher wages discourages turnover saving money by making each worker more productive at higher wages. Now draw a hypothetical labor demand curve assuming higher wages are associated with higher productivity