Question: Can you help answer al these question please. A. Determine the following using diagram 1. The quantity labor employed by the firm (q'labor) = Explain
Can you help answer al these question please.

A. Determine the following using diagram 1. The quantity labor employed by the firm (q'labor) = Explain why: 2. The wage paid by the firm (we) = Explain why: 3. the wage bill (or labor costs) to the firm = Wage, MFC, MRP, ARP 4. explain why 5. the total revenue to the firm = $1.5m/person/yr explain why 6. the dead weight loss = $1m/person/yr Simply shade in area Plabor_ _ 7. the exploited value of labor captured by the firm = $.5 m/person/yr (simply shade in area) 12 people/year 24 people/year 36 people/year qlabor 8. Explain the source of this exploited value B. Name the unnamed curves (do not abbreviate), write the entire name 1. Marginal Revenue Product of labor curve 2. 3. C. List the condition that explains the following 1. diminishing MRP 2. diminishing ARP 3. profit maximizing (loss minimizing) quantity of labor for a firm to employ D. List market reasons for wage differentials ( Look them up in the lectures) 2 . 3
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