Question: Q 3 : Use the following data to answer the questions that follows. Assume a perfectly competitive product market. Assume a Monopsony in the labor

Q3: Use the following data to answer the questions that follows. Assume a perfectly competitive product market. Assume a Monopsony in the labor market.
\table[[\table[[Quantity of],[Labor]],Wage,\table[[Total],[Wage Cost]],\table[[Marginal],[Labor Cost]],\table[[Total],[Product]],MP,MRP],[1,$10,,,10,,],[2,$11,,,19,,],[3,$12,,,27,,],[4,$13,,,34,,],[5,$14,,,40,,],[6,$15,,,49,,],[7,$17,,,52,,],[8,,,,49,,]]
a. If the price of the product produced is selling for $3, what will be the quantity of labor hired? Show all your math
b. Using your answer to part (a), compare the firm't total revenue to the total amount paid for labor?
c. If a union could successfully negotiate a wage increase for its members without increasing or decreasing the number of workers employed, what would the worker wage be? Please fill in graph and answer a b and c
 Q3: Use the following data to answer the questions that follows.

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