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02a (5 points) Firms in Pretendville produce output using capital and labour. They are endowed with a fixed quantity of capital, which they are unable
02a (5 points) Firms in Pretendville produce output using capital and labour. They are endowed with a fixed quantity of capital, which they are unable to vary. The marginal revenue product of labour is equal to: M RPN = 360 12N, where N is the quantity of labour employed. There are 240 identical firms in Pretendville, and they hire labour in a competitive market. Workers in Pretendville supply 7,000 units of labour inelastically. Derive the market demand function for labour
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