a) Fill in the blanks above. (Round each answer to the nearest taco)
Please note there are no numbers for MP and AP when output is zero tacos.
b) Define the law of diminishing marginal returns.
c) At which worker (labor) does diminishing returns start? Please explain the reasoning behind your answer.
d) If each taco could be sold for $4 per taco, and each worker is paid $70 per day then, assuming that labor is the only cost of production, how many workers should Mary hire in order to maximize profits? Please explain the reasoning behind your answer.