1. In your own words, explain why a profit-maximizing firm will hire workers up to the point where marginal revenue product of labour equals the nominal wage. Now express this condition for profit maximization (by choice of the number of workers hired) in real terms. Show that both conditions (in nominal terms and in real terms) are the same. (4) 2. The table below is from Statistics Canada in May 2022. Fill the empty cells. (4) Labour force characteristics, monthly, seasonally adjusted and trend-cycle, last 5 months Labour force December January February March 2022 April 2022 characteristics 2021 2022 2022 Eligible 31,510.3 31,546.8 31,588.7 31,626.9 31,663.2 Population, thousands Labour force, 20,612.3 20,517.9 20,686.3 thousands Employment, 19,376.2 19,512.7 19,600.5 thousands Unemployment, 1,341.8 1,135.5 1,100.2 1,085.8 thousands Unemployment 5.3% 5.2% rate, % Participation 65.4% 65.3% rate, % Employment 61.9% 61.9% rate, %