7. BONUS (10 point): A monopsonist faces a labor supply curve given by L3 = 400 + 0.0110 , where w is the annual salary. (a) What is the lowest salary the rm can pay yet still induce one worker to want to work for the rm? What is lowest salary the rm must pay to induce two workers to work for the rm? (1)) What is the marginal cost to the rm of adding a second worker given that it must pay all employees the same wage? Is this greater than, less than, or equal to the wage paid to each of the two workers? (0) In general, the marginal cost of hiring additional labor for this rm is given by M E L = 40, 000 + 20013. If the rm's marginal revenue product of labor (M RPL) curve is given by L = 160 3%, what is the protmaximizing number of workers the monopsonist should hire? What is the salary the workers will be paid? (Hint: Optimal labor (L*) can be found where M RPL and M EL intersect.)