1. Using Excel 2016, create a spreadsheet using formulas for Marginal Product, Total Revenue, and Marginal Revenue Product (which must be calculated)

Labour Demand Schedule for a Perfectly Competitive Firm
Number of Workers	Total Output	Marginal Product	Price	Total Revenue	Marginal Revenue Product
15	50		$5
16	65		$5
17	78		$5
18	89		$5
19	98		$5
20	105		$5
21	110		$5
22	113		$5
23	114		$5

2. How many workers could this competitive firm hire to maximize its total profit if the firm is paying its

workers a wage of $17 per hour? Make a graph, Include all labels.

3. How many workers should be hired if the wage rate were to fall to $13 per hour? Make a second graph, Include all labels.

4. For each of the following scenarios in the labour market for "fast food", input the following

(i) Does the supply or demand curve increase or decrease?

(ii) State which supply/demand factor (from your notes) applies to each scenario.

(iii) What impact does each scenario have on the wage rate (increase or decrease)?

1. The federal government imposes a "fast food" tax to encourage healthier eating.

2. There are fewer teenaged workers (in Canada's population) who are available for shift work in the fast food industry.

3. The fast food chains are increasing their minimum wage.

4. The fast food chains offer discounts on fast food over the summertime period.