1) Complete the following labor demand table for a firm that is hiring labor competitively and selling its product in a competitive market. (LO1)

a.How many workers will the firm hire if the market wage rate is $27.95? $19.95? Explain why the firm will not hire a larger or smaller number of units of labor at each of these wage rates.

b. Show this firm's labor demand curve in schedule form and graphically.

2)In 2019, Forbes magazine listed Jeff Bezos, the founder of Amazon, as the richest person in the United States. His personal wealth was estimated to be $131 billion. Given that there were about 328 million people living in the United States that year, how much could each person have received if Bezos's wealth had been divided equally among the population of the United States? (Hint: A billion is a 1 followed by nine zeroes, while a million is a 1 followed by six zeroes.)

Also, watch this videoGordon Geeko Speech, "Greed is Good!". Was Michael Douglas' character, Gordon Geeko, in 1987's Wall Street speaking the truth when he said "greed is good"? Is greed one of the factors that causes wages to differ? Why or why not?