3. Let there be 4 types of workers in an economy. They have high, medium, low, and trump productivity. High productivity is 10, medium is 6, low is 2, and trump productivity is zero. The value of time in leisure is 75 percent of the value of time in work. Ten percent of the labor force has high and trump productivity. Forty percent have medium and low productivity. The industry is perfectly competitive.What will the equilibrium wage be? Will all firms earn zero profits?

4. Suppose that the Divis Hoods Liberation Army and the North Belfast Hoods are car boosting gangs. Let the demand for boosted cars beP=2000-3(qD+qN).Suppose that the marginal cost of each gang is 20 and that fixed costs for each are 100. Solve for the equilibrium output, price and profits for each gang when the DIvis Hoods are von Stackelberg leaders. If you can't do that, solve for the Nash-Cournot equilibrium outputs, price, and profits.

Thank you so much!!