Question: 4. Show what will happen on both graphs if there is a decrease in the supply of workers. Label the new equilibrium wage and quantity

4. Show what will happen on both graphs if there is a decrease in the supply of workers. Label the new equilibrium wage and quantity W2 and lm and the quantity of labor for your rm QFZ' 5. As a result of the decrease in supply, will the MRP of the last worker hired by your rm increase. decrease, or stay the same? W Answer the question. 6. In real life why is it difcult for a rm to accurately determine the marginal revenue product (MRP) of their workers? Wdeo HE'DI WW

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3. How much information do we need to collect?

2. What types of information are we collecting?

5. How quickly can we manage to collect the information?