Question: Please finish the chart , answer ALL questions, and provide detailed explanations. Montero Rodriquez Shrimp Co. operates in a perfectly competitive, constant-cost, resource and product

Please finish the chart, answer ALL questions, and provide detailed explanations.

Montero Rodriquez Shrimp Co. operates in a perfectly competitive, constant-cost, resource and product market. Bags of shrimp sell for $10 each and workers can be hired at a wage of $60 each. Finish the Chart below and use your figures to answer questions 1 10: Units of Labor Total Product Marginal Product Total Cost 1. What are the Total Fixed Costs for Montero Rodriquez Shrimp Co.? 2. What is the Marginal Product of the 2nd worker? 3. How much profit does the 4th worker generate? 4. What is the MRC of the 5th worker? 5. What are the Total Variable Costs of Hiring 5 workers? 6. After which worker does the Law of Diminishing Marginal Returns take effect? 7. How many workers should Montero Rodriquez Shrimp Co. hire to maximize profits? 8. According to your answer in question #7, how much profit would Montero Rodriquez Shrimp Co. earn if it were maximizing profit? 9. If Industry wages increased to $90 per worker, how many workers should Montero Rodriquez Shrimp Co. hire in order to maximize profits? 10. According to your answer in question #9, how much profit would Montero Rodriquez Shrimp Co. earn if it were maximizing profit at the new wage rate

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