Use the labor demand data on the left and the labor supply data on the right in answering the next question. 13 Labor Demand Data Labor Supply Data Marginal Product 6 Employment Revenue Price Employment Wage Rate points $3 $11 14 3 1 11 X 00:56:38 2 12 2 11 3 9 3 11 4 W W W 4 11 5 11 Book 6 3 6 11 References The firm will maximize profits (or minimize losses) by employing Multiple Choice O five workers. O four workers. O three workers. O two workers.Stephanle produces earrings. She sells each pair of earrings for $5. The table below shows how many pairs of earrings can be produced, depending on the number of workers Stephanle hires. Fill In the "Total Revenue" and "Marginal Revenue Product" columns using the Information given. Assume this is a perfectly competitive market. Instructions: Enter your answers as a whole number. Stephanle's Earring Shop and Revenues Labor Total Product (pairs of Marginal Product Price Total Revenue Marginal Revenue (workers) earrings) (pairs of earrings) (dollars) (dollars) Product (dollars) $5 20 20 5 34 14 5 46 12 5 57 11 66 9 5 72 6 in 75 5Stephanie is looking to hire workers to help her produce earrings. The current hourly market wage rate is $14 per worker. Assume this is a perfectly competitive market. Fill In the "Total Labor Cost" and "Marginal Resource Cost" columns In the table below. Instructions: Enter your answers as a whole number. Stephanle's Resource Costs Labor Total Labor Cost Marginal Resource Cost (workers) (dollars per hour) (dollars per hour) 2 3 inThe following graph represents Ronnie's demand for labor to help him make cookies in his cookle shop. Assume this Is a perfectly competitive market. Ronnie's Demand for Labor Wage Rate (dollars per day) $60 Tools $50 MRC $40 $30 $20 $10 MRP = D 0 2 3 4 5 O 6 Quantity (workers) Suppose the current wage rate is $40 per day. a. Using the graph, draw Ronnie's marginal resource cost (MRC) curve for the first 5 workers. Instructions: Use the tool provided "MRC" to plot the line point by point, starting from 0 worker up to 5 workers (6 points total). b. If the wage is $40 per day, how many workers will Ronnie want to hire? 1 worker D 3 workers 0 4 workers O 2 workers