Question: Question 5 The information is given below for X. The company is currently operating in Jamaica, under a prefect labour market, selling each unit at

Question 5 The information is given below for X. The company is currently operating in Jamaica, under a prefect labour market, selling each unit at $ 300 and each staff was paid $6900 per week. The minimum wages have been revised in Jamaica with effect from 01 April 2022 from JMD7,000.00 to JMD9,000.00 per week. Marginal Wage Workers Total Marginal product product Price Revenue /Marginal product cost O 0 0 31 2 70 3 100 4 123 5 140 Complete and graph the table above for the firm. State the number of workers the A. firm will hire given the new wage increase. (8 marks) Graph and explain of new minimum wage in a prefect competitive labour market ( 6 B. marks) Despite the increase in wages, Jamaica's unemployment rate fell to a new record low C. of 6.2 per cent. Explain the why would the recent employment numbers contradict the labour market theory. (6 marks)

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