Question: Suppose the demand function for a firm's product is given by p = 200 - 2Q. The firm's production function is Q = 4L. a.

Suppose the demand function for a firm's product is given by p = 200 - 2Q. The firm's production function is Q = 4L.

a. What is the marginal product of labor (MPL)associated with the firm's production function?

b. If the firm is a competitive firm (i.e., product market is perfect competition), the firm's demand function for labor is

c. If the competitive firm (i.e., product market is perfect competition) facescompetitive labor market where the wage rate is $32 per unit of labor, how many units of labor will the firm hire?

d. Contrary to the previous question, suppose the firm is a monopoly (i.e., product market is monopoly). Which of the following represents the firm's demand function for labor?

e. If the monopoly firm (i.e.,a monopolyproduct market)facescompetitive labor market where the wage rate is $32 per unit of labor, how many units of labor will the firm hire?

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