Question 1 Below are six concepts, 1-6, and six definitions, A-F. Match each definition to its concept by writing the correct - 1. Marginal product of labor (MPL) - 2. Human capital - 3. sating differential -4. - 5. Asymmetric information 6. Signal Using informa bout individuals An expensive action that is taken to reveal in The increase in a firm's revenues created by hiring an ditional laborer conditions This arises when one information than the other party. exchange has more or better Tools of the mind, the stuff in people's head productive Question 2 1 pts Questions 7-11 test your ur competitive labor market. demand for labor in a A profit-maximiz is a price taker in both the in both the market wants Laborers are hired by the day (the variable input) to pick apples (the product). The production function (the relationship between the amber of laborers looks like this: d the number of bushels of apples picked Laborers Total hired per day per day) Ibushels of apples 180 11 220 228 7. What is the margin he eleventh laborer? O 18 0 19 O 20 Question 3 1 pts Questions 7-11 test your under emand for labor in a competitive labor market. preneur rents an apple orchard for a day. He Laborers are hired by the day ( the variable input) to pick apples ( the product). The production function (the relationship between the number of laborers looks like this: Laborers Total product hired per day bushels of apples 11 180 220 12 228 8. What is the average product (in bushels) of a laborer when eleven laborers are employed? O 19 20 0 40 Question 4 competitive Lahore your und Laborers are hired by the day ( the variable input) to pick apples (the product). The production function (the relationship between the number of laborers hired and the number of bushels of apples picked) Laborers Total product hired per day per day) bushels of apples 180 220 228 me a bushel of apples sells for $10 9. What is the margina O 80 190 200 9 400 Question 5 1 pts Questions 7-11 test your tanding of the demand for labor in a competitive labor market. is a price taker in both the preneur rents an apple orchard for a day. He Laborers are hired by the day (the variable input) to pick apples (the on function (the relationship between the number of laborers hired and the number of bushels of apples picked Laborers Total product hired per da per day) bushels of apples 180 11 220 228 Now answer the following questions. el of apples sells for $10. 10. What is the marginal product (in dollars) of the twelfth laborer O 180 190 200 Question 6 Questions 7-11 test your understanding of the demand for labor in a competitive labor market. product) The production function (the relationship between the number of laborers hired and the number of bushels of apples picked looks like this: Laborers Total product per dad hired per da bushels of apples 180 220 12 228 er the following questions. Now assume a bushel of apples sells for $10. ers would the O 10 0 11 O 12