Question: answer all parts please! Problem 4: Labor Demand, Discretely Suppose a firm's daily production depends on the number of workers it employs, as follows: Marginal

answer all parts please!

answer all parts please! Problem 4: Labor Demand, Discretely Suppose a firm's

Problem 4: Labor Demand, Discretely Suppose a firm's daily production depends on the number of workers it employs, as follows: Marginal Product of a) Complete the table above. b) Suppose this firm can sell its product at the market price of $30 per unit. Sketch a carefully-labeled daily demand curve for labor, assuming that it can only hire integer numbers of employees (each working full-day shifts). Be numerically precise. c) If the market wage is currently $25 per hour (or $200 per day), how many workers will this firm employ? Briefly explain, and indicate your answer on your diagram from part b). d) Building on your answers to parts a through c, sketch this firm's Marginal Cost curve for the case where each unit of labor is paid $200 per day. Be as numerically precise as you can, keeping in mind the way MC is defined and quantified; in your diagram, show this firm's profit-maximizing output when it can sell its product for $30 per unit

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