Carefully reproduce and fill in the blanks in the table below:Where VMPL is the Value of the Marginal Product. 6 Marks(b). If a production function is given by the equation: Q = 12X + 10X2 - X3, whereLabour Wage Rate Price Output MPL VMPL Marginal Profit0 400 3 01 400 3 762 400 3 2483 400 3 7924 400 3 7845 400 3 11006 400 3 14167 400 3 17088 400 3 19529 400 3 212410 400 3 22

Let L represent the number of workers hired by a firm and let Q represent that firm’s quantity of output. Assume two points on the firm’s production function are (L = 12, Q = 122) and (L = 13, Q = 130). Then the marginal product of the 13th worker is

Suppose a firm produces paper planes using one variable factor, labour and one fixed factor, capital. Labour can be hired at a cost of $50 per hour. Complete Table 2 calculating Marginal Product (MP) of each additional worker hour, the Total Variable Cost (TVC) and Marginal Cost (MC). TABLE 2 – Paper plans per hour worker hrs: 1, 2, 3, 4, 5, 6 Output/hr:100, 210, 330, 430, 510, 560 TVC: 50, 100, 150, 200, 250, 300 MP: ? MC: ? a) How did you calculate TVC? b) Discuss the relationship between marginal cost and marginal product.

Now see the column for marginal cost. (Recall that MC=ΔTC/ΔQ.)What pattern do you see? Workers: 0, 1, 2, 3, 4, 5, 6, 7 Output: 0, 20, 50, 90, 120, 140, 150, 155 Total cost: 200, 300, 400, 500, 600, 700, 800, 900 Marginal cost: 0, 5, 3.33, 2.5, 3.33, 5, 10, 20

Question 5 (HPW11.5, Problem 80, p. 527)A monopolist who employs m workers finds that they produce:𝑞 = 2𝑚(2𝑚 + 1) *&Units of product per day. The total revenue, r (in dollars), is given by:𝑟 = 50𝑞:1000 + 3𝑞a) What is the price per unit (to the nearest cent) when there are 12 workers?b) Determine the marginal revenue when there are 12 workersc) Determine the marginal-revenue product when m =12.Note: round your answers to 2 decimal places

Use the data in the table below to answer questions 1 through 10.Input Total product0 01 42 83 154 225 256 277 288 24What is the marginal product for 4 units of input?Answer here