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1. Consider the following Web site construction firm that is a competitor in both the labor and product markets. Wages are $200 a day, and
1. Consider the following Web site construction firm that is a competitor in both the labor and product markets. Wages are $200 a day, and its output sells for $10 a unit. Answer the following questions. a. Complete the table. Labor Output MPP MRP = VMP Wage 0 0 14 2 30 W 50 80 108 130 150 168 180 b. Graph the supply and demand for labor. c. How many workers will this firm hire to maximize profits? d. Draw a side-by-side labor market graph that depicts the market and the firm in long run equilibrium. e. Illustrate the impact of more women entering the labor market in the side-by-side labor market graph. f. What happens to the wage and the quantity of laborers
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