The table below shows the number of cakes that could be baked daily at a local bakery, depending on the number of bakers.| Number of Bakers | Number of Cakes | $ \text{MP}_L $ | $ \text{VMP}_L $ ||------------------|-----------------|-------------------|--------------------|| 0 | 0 | | || 1 | 10 | | || 2 | 18 | | || 3 | 23 | | || 4 | 27 | | |a. Calculate the marginal product of labor. (Please report your answers in the table above.) Do you observe the law of diminishing marginal returns?b. Suppose each cake sells for $10. Calculate the marginal revenue product of labor.c. Draw the marginal revenue product of labor curve, which is the demand curve for bakers.d. If each baker is paid $80 per day, how many bakers will the bakery owner hire, given that the goal is to maximize profits? How many cakes will be baked and sold each day?

Answered: Image /qna-images/answer/c519baca-2230-421e-9f66-3302b3bf1c52.jpg

Answered: 17. The table below shows the number of…

MATLAB: An Introduction with Applications

6th Edition

ISBN:9781119256830

Author:Amos Gilat

Publisher:Amos Gilat

Chapter1: Starting With Matlab

Section: Chapter Questions

Problem 1P

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