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4:55 READ ONLY - This is an older file format. To make changes, m... more LTE Upgrade a copy 2. 3. 4. Total: 15 17 Name: Class: AP Microeconomics Unit V: The Factor (Resource) Market Problem Set #5 / 15) Define the term and explain a situation that demonstrates the 'real world' application Of each of the following. Make sure your example clearly demonstrates your understanding Of each concept. a. Derived Demand ( b. Marginal Revenue Product (MRP) and Marginal Resource Cost (MRC) ( /5) c. Monopsony ( /5) / 17) Use the chart regarding a perfectly competitive Yo-Yo factory to complete the following: a. Fully explain why the number Of yo-yos produced increases at a decreasing rate as more workers are hired. Identify and explain the three stages Of returns. ( b. Explain how a firm decides how many workers to hire. Ifthe wage was constant at $25 per day, how many workers should be hired? Explain how you got your answer. ( c. Assume there is an increase in demand Of yo-yos and they are now $3 each. Explain how the level of employment be affected. How many workers should be hired? Why did it change? ( /5) d. Complete the chart below. ( Number of Workers o 1. Output uanti o 20 50 70 85 95 100 103 104 100 /2) Marginal Product Price of Yo-yos $2 Total Revenue Marginal Revenue Product /12) Complete the attached 2 page worksheet entitled, "How Wages are Determined in Competitive Labor Markets." Make Sure to use complete sentences AND fully explain your answers. /21) Complete the attached practice FRQs. a. FRQ (_/8) b. FRQ#2 Petsall Corporation is a profit-maximizing monopolist. It sells a patented rabies vaccine for pets and earns economic profits. (a) Draw a correctly labeled graph that shows each 01' the following for Petsall_ (i) Output and price of the vaccine (ii) Area of economic profits (h) Assume that Petsall hires its production workers in a perfectly competitive labor market at the wage rate of S2() per hour. (i) State the marginal conditions for hiring the profit-maximizing amount of labor. (ii) Draw a correctly labeled graph that shows the labor supply and demand curves for Petsall and indicate lhe profit-maximizing quantity of labor. (c) Suppose that the market wage rate now falls to $15 per hour. Show on your diagram in (h) (ii) how each of the following would be affected. (i) The supply of labor to