400 320 Demand 280 Market Wage Rate 200 WAGE (Dollars per worker) 160 120 80 LABOR (Number of workers) The profit-maximizing quantity of labor at the market w aCENGAGE | MINDTAP Q. Search HW: The Markets for the Factors of Production Assignment Consider a company operating in a competitive market. The company sells units of output and receives a price of $20 per unit, and pays a daily market wage of $270 to each worker it employs. In the following table, complete the column for the value of the marginal product of labor (VMPL) at each quantity of workers. Labor Output Marginal Product of Labor Value of the Marginal Product of Labor (Number of workers) (Units of output) (Units of output) (Dollars) 0 20 20 19 N 39 18 w 57 72 84 On the following graph, use the blue points (circle symbol) to plot the firm's labor demand curve. Then, use the orange line (square symbols) to show the wage rate. ( Note: If you cannot place the wage rate at the level you want, move the two end points individually!) Hint: Remember to plot each point halfway between the two integers. For example, when the number of workers increases from 0 to 1, the value of the marginal product for the first worker should be plotted with a horizontal coordinate of 0.5, the value halfway between 0 and 1. Line segments will automatically connect the points, Q Search a