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1. Draw a graph with the quantity of labor (L) on the horizontal axis and the wage rate (W) on the vertical axis. 2. Plot
1. Draw a graph with the quantity of labor (L) on the horizontal axis and the wage rate (W) on the vertical axis. 2. Plot the points given in the question on the graph. 3. At L = 0, W = $0. This is the point where the demand curve intersects the vertical axis. 4. At L = 1, W = $1,500. Plot this point on the graph. 5. At L = 2 and L = 3, W = $1,500. Plot these points on the graph. They will be on the same horizontal line as the point for L = 1, as the wage rate remains the same. 6. At L = 4, W < $1,500. The exact wage rate is not given, but it will be lower than $1,500. Plot a point below the previous ones. 7. At L = 5 and L = 6, W < $1,500. Again, the exact wage rates are not given, but they will be lower than $1,500. Plot these points below the previous ones. 8. Connect the points with a line to form the labor demand curve. The curve should slope downwards, indicating that the wage rate decreases as the quantity of labor
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