Q#$2(10$ marks$)$Below is productivity data for firm Nearly Done Inc. which purchases resources in a perfectly competitive labor market.

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$1.$Refer to the above information what quantity of labour will Nearly Done Inc. employ if the market wage rate is $$8?.$

The quantity of labor employed is where MRP equals $$8$

$2.$ What is Nearly Done's total revenue if the market wage rate is $$8.$

$3.$ What is Nearly Done's total wage bill if the market wage rate is $$8?$

$4.$ What is Nearly Done's total profit or loss if the market wage rate is $$8,$ total fixed costs are $$24$ and labour costs are the only variable costs?$$

$5.$ In what type of market does Nearly Done Inc. sell its output$/$product$?$Explain

$6.$ Suppose that the market wage rate is $$8,$ how much more labour will Nearly Done Inc. employ if the marginal product of labour doubles due to technological development?$$

$7.$ What quantity of labour will Nearly Done Inc. employ now and what will its total revenue be if the market wage rate is $$4?$