3. Given a rm's hourly marginal product of labour MFPN = A(350 N ): (a) How do we determine real wages in the labour market? You will need to explain the relationship between the MPN function and the labour demand function. [4 pts] (b) Suppose we have that A = 0.3 and the real wage is xed at $15/hour. How many workers do you expect the rm to employ? [3 pts] (c) Suppose the government decides to x the real wage at $15. What impact would this government decision have on the economy if the equilibrium real wage is less than $15? [5 pts] Total for Question 3: 12 pts