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Question 1 of 5 Consider a firm in a perfectly competitive product market selling each unit of its product for $8. This firm has production function Q=1OK"\"L3'4 For this production function, the marginal (physical) product of capital is 2.5(L/K)3'4 and the marginal (physical) product of labour is 7.5(K/L)1". A. In the short run. capital is fixed at K=256. if the firm employs L=16 workers it can produce units of output. In order to produce 270 units of output in the short run this firm must use units of labour. B. When L=16, the firm's marginal revenue product of labour is equal to . If the labour market has competitive wage $60, the firm will demand units of labour in the short-run, assuming it is also perfectly competitive in the product industry. E. Suppose the union raises wages by $2. In this case %Aw = % (This percent value will be graded correct if it is within 0.1). Based on the new short-run quantity of labour demanded, the union can expect the firm to reduce employment by : units of labour. Calculate the short-run elasticity of labour demand. Assuming labour is a normal input, the union should expect in the long run that the firm will (Enter 1 for "increase employment again." 0 for "not make further changes," and -1 for "decrease employment further"). Explain why