3. The following table lists the marginal product per hour of workers in a lightbulb factory. Lightbulbs sell for $2 each, and there are no costs to producing them other than labor costs. (LO2 )

Number of workers 1 23 Marginal product: lightbulbs/hr 24 22 20 4 18 569 16 14 7 12 8 10 9 8 10 6

a. The going hourly wage for factory workers is $24 per hour. How many workers should the factory manager hire? What if the wage is $36 per hour? b. Graph the factory’s demand for labor. c. Repeat part b for the case in which lightbulbs sell for $3 each. d. Suppose the supply of factory workers in the town in which the lightbulb factory is located is 8 workers (in other words, the labor supply curve is vertical at 8 workers). What will be the equilibrium real wage for factory workers in the town if lightbulbs sell for $2 each? If they sell for $3 each?