Question: Question 5 [25 points] Answer the following questions assuming that employees are paid $15/hour. Note: If necessary round your answers to two decimal places. a)
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Question 5 [25 points] Answer the following questions assuming that employees are paid $15/hour. Note: If necessary round your answers to two decimal places. a) Based on the table in part b), what are the fixed costs for this firm? Fixed Cost = $0 b) Fill in the table by calculating the marginal product, total costs, and marginal costs at each quantity of employee hours. Employee Hours Output Marginal Product Total Costs Marginal Costs 0 40 8 15 25 IOVUAWNO 39 77 111 139 c) Whenever marginal product increases, marginal cost will O decrease O increase d) Whenever marginal product decreases, marginal cost will O decrease O increase
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