Question: Solve the following. Use the following data to work Problems 4 to T. Kaiser's lee Cream Parlour hires workers to produce milkshakes. The market for

Solve the following.

Use the following data to work Problems 4 to T. Kaiser's lee Cream Parlour hires workers to produce milkshakes. The market for milkshakes is perfectly competitive, and the price of a milkshake is $4. The labour market is competitive, and the wage rate is 34E! a day. The table shows the workers' total product schedule. Number of Quantity produced workers [milkshakes per day} 1 I" 2 2'1 3 33 _ 4. Calculate the marginal product of hiring the g :15 fourth worker and the fourth worker' s value of marginal product. 5. How many workers will Kaiser's hire to maximize its profit and how many milkshakes a day will Kaiser's produce? 6. if the price of a milkshake rises to $5, how many workers wiil Kaiser's hire? ?. Kaiser's installs a new machine for making milkshakes that increases the productivity of workers by El] percent. If the price of a milkshake remains at $4 and the wage rises to $43 a day. how many workers does Kaiser's hire

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