The data below show the relationship between number of workershired and cost and revenue for a small competite farm inAlberta.

a.) Calculate the marginal product of labour (MPL), value ofmarginal product of labour (VMPL), and marginal profit (MP) whenthe farm hires 1st, 2nd, 3rd, and 4th workers.

b) If the farm decides to maximize its profit, how manyworkers will hire? Explain.

c.) At what point do diminishing returns set in for the farm?Explain.

d.) List and explain two events that could shift the demand oflabour.

se marginal a of Number of workers Product product uncospice latout marginal value ma marginale value product Labour of fuera $600 112 $600 12 $ 600/ 12 $600 Lia ?0

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Number of workers ه - روس کے 2 3 4 wages/Price/output/marginal / value Product of marginal of value Product of Labour #12 12 $600 $600 $600 12 $600 12 o 70. 12 130 180 220 marginal Product Number of workers ه - روس کے 2 3 4 wages/Price/output/marginal / value Product of marginal of value Product of Labour #12 12 $600 $600 $600 12 $600 12 o 70. 12 130 180 220 marginal Product