This assignment will cover important concepts from our Production and Profit Max/Cost Minimization lectures. 1. Given the worker productivity schedule shown in the table below, what is the profit maximizing hours of labor to hire? Explain why. John Deere Assembly Plant, Worker productivity schedule p= $50,000.00 Hours MPL p*MPL w ( $/hour) 35 0.0004600 23 20 36 0.0004400 22 20 37 0.0004200 21 20 38 0.0004000 20 20 39 0.0003800 19 20 40 0.0003600 18 20 41 0.0003400 17 20 42 0.0003200 16 20 43 0.0003000 15 20 44 0.0002800 14 20 45 0.0002600 13 20 2. In the figure below, the profit maximizing isoquant (q = 300) is shown. Also shown is the isocost line of producing q = 300 using inputs associated with point A. a. Does A represent the least cost method of producing q = 3007 b. If not, draw on the graph to show the least cost method of producing q = 300. Capltal Hours per week 2 3 Labor Hours per week 3. Name three characteristics of markets that result in the 'free market' outcome not being ideal (efficient)