Use the materials studied in class with some additional information from other textbooks, journals, articles, etc. Provide detail answers to the following Questions. Your work should be well cited using APA style referencing. The total marks for this assignment are 10 and remembers marks are allocated based on detail explanation, analysis and proper citation. Actions Required: Minimum Page 3 - Maximum 5. 1. A vice president of a company argues that the president of the company should raise workers' wages if the president wants less absenteeism. The president says that wages probably should be cut so that the workers could not afford to miss so much work. Evaluate the two views using the income and substitution effects in your analysis. Note: Your answers should be detailed with proper references. 2. You are given the following short-run information for an individual firm. Labor (L) is the only variable input. The wage of each labor per week is $200. Fixed costs are $100/week. Complete the rest of the table. Describe the relationship between the MP and MC. At which output level is there increasing and diminishing marginal product based om the law of diminishing returns? Total product Q Labor 2 MP TVC TEC TC MC 0 0 1 2. 3 4 5 6 7 6 20 55 100 150 200 230 250 253 270 275 278 280 9 10 11 12