1) Suppose a firms production function is given as =()=300.75. a) If the firm is operating in a purely competitive product market and receiving a price of $15 for its product. Calculate firms labor demand curve. b) Now suppose product market has changed to non-competitive and firm is receiving a price of $20 for its product and the price elasticity of demand for the product is -1.25. Calculate firms labor demand curve. c) If the wage rate in the market is $10 per unit and firm is operating in purely competitive labor or resource market. (i) How many units of labor is hired by the firm in purely competitive product market (case in part a)? (ii) How many units of labor is hired by the firm in non-competitive product market (case in part b)? d) Now suppose firm is operating in monopsony (non-competitive) labor or resource market and facing a labor supply with price elasticity of supply equal to 2. If the firm pays a wage rate of $6. (iii) How many units of labor is hired by the firm in purely competitive product market (case in part a)? (iv) How many units of labor is hired by the firm in non-competitive product market (case in part b)?