Answer each of the following questions. Answers must be submitted in a PDF or Word document to the assignment box in DEL by the due date. Graphs must be your own. Any graphs may be hand drawn or created by you. No credit will be given for graphs created by someone else. Provide any formulas used. Answers must be typed. 1. The table below shows the marginal product of labor at various employment levels. Assume this rm is part of a perfectly competitive market and that the market price for the good is 51!]. a. What is the value of the marginal product of labor at each level of labor? b. If the rm operates in a perfectly competitive labor market where the going market wage is $10, what is the rms prot maximizing level of employment? 2. The table below shows the marginal product of labor at various employment levels. Assume this rm is a monopoly, and the marginal revenue is in the table below. Marginal Product of Labor Marginal Revenue a. What is the marginal revenue product of labor at each level of labor? b. If the rm operates in a perfectly competitive labor market where the going market wage is $20, what is the rms prot maximizing level of employment? c. Assume the monopoly acquires new capital that doubles the productivity of each worker, such that the marginal product of labor is twice the original value. If the rm operates in a perfectly competitive labor market where the going market wage is $12!], what is the rms profit maximizing level of employment? 3. The table below shows the share of income going to each ouintile of the income distribution for Sweden in 2015 and EDD-El {Data from the World Bank}. Use this data to calculate what the points on a Lorenz curve would be, and sketch the Lorenz curve. Clearly provide the data poinE for your Lorenz curves in a table. How did inequality in Sweden shift over this time period? How can you see the patterns in the quintiles in the Lorenz curve? Share of Income Top Quintile Fourth uintile Middle uintile Second uintile Bottom Quintile 4. Public goods are often thought to be goods or services that are provided by the government, but that is confusing cause and effect. a. b. What are the characteristics of a public good? What is an example of a good that is often provided by the government but is NOT a public good? What is an example of a good that is often provided by the government and IS a public good? What is an example of a good that is rarely:r provided by the government and IS a public good? Consider open educational resources [DER], for example, open textbooks [such as the book for this class provided free through DpenStax}. These are available free online from companies like DpenStax College and Lumen Learning. ls DER a public good