A. How many workers will the firm higher if the market wage rate is $27.95? $19.95? explain why the firm will not hire a larger or smaller number of units of labor at each of these wage rates.B. Show in schedule form and graphically the labor demand curve of this firm.C. Now again determine the firms demand curve for labor, assuming that it is selling in and in perfectly competitive market and that, although it can sell 17 units at $2.20 Per unit, it must lower product price by five cents in order to sell the marginal product of each successive labor unit. Compare this demand curve with that derived in part B which curve is more elastic? Explain.

DUL. 2. Complete the following labor demand table for a firm that is hiring labor competitively and selling its product in a competi- tive market. LO16.2 Marginal Units of Total Marginal Product Total Revenue Labor Product Product Price Revenue Product O $2 $. $ 17 31 OUT A W N - O 43 NNNN NN 53 60 65