Q Background information: Each worker at the Wooden Chair Factory costs $12 per hour. The cost of each machine is $20 per day regardless of the number of chairs produced. 1. If the factory produces at a rate of 55 chairs per hour and operates 8 hours per day, what is the factory's total labor cost per day? 2.Background information: Each worker at the Wooden Chair Factory costs $12 per hour. The cost of each machine is $20 per day regardless of the number of chairs produced. 2. What is the total daily cost of producing at a rate of 70 chairs per hour if the factory operates 8 hours per day? 3.Background information: Each worker at the Wooden Chair Factory costs $12 per hour. The cost of each machine is $20 per day regardless of the number of chairs produced. 3. Assume the Wooden Chair Factory currently employs 4 workers. What is the marginal product of labor when the factory adds a 5th worker? 4.Background information: Each worker at the Wooden Chair Factory costs $12 per hour. The cost of each machine is $20 per day regardless of the number of chairs produced. 4. The Wooden Chair Factory experiences diminishing marginal product of labor with the addition of which worker? 5.5. Which of the following is Least Likely to be a firm's decision in the long run?

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