5 Use the following to answer questions 10-11: Table: Excellence Publishing Number of Workers Per Year Number of Books Edited Per Year 4 16,000 5 19,000 6 21,200 7 22,800 8 23,700 9 24,200 10. (Table: Excellence Publishing) Refer to the table. Each edited book sells for $50. How many people will the company hire per year as editing staff if the annual salary is $47,000 per staff member? 11. (Table: Excellence Publishing) Refer to the table. Each edited book sells for $50. What is the marginal product of labor for the sixth worker? 12. Which of the following statement(s) is/are TRUE? I. Because monopolistically competitive firms sell differentiated products, their demand curves are downward sloping. II. Monopolistically competitive firms earn above-normal profits because of high entry barriers. III. As firms enter a monopolistically competitive industry, the demand curves of the existing firms shift down and to the left.