Complete the following labor supply table for a firm hiring labor competitively:

a. Show graphically the labor supply and marginal resource (labor) cost curves for this firm. Explain the relationship of these curves to one another.
b. Plot the labor demand data of question 2 in Chapter 12 on the graph used in part a above. What are the equilibrium wage rate and level of employment?Explain.

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Re Units of Wage Total Labor Cost(Wage Bi Marginal Labor Cost (Wage Bill) (Labor) Cost $14 14 14 14 14 14 14