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answer the following ECO200 Term Test Three 5. (20 points) Imagine a monopolist producing software xyz is facing a competitive labor market. The monopolist has

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ECO200 Term Test Three 5. (20 points) Imagine a monopolist producing software xyz is facing a competitive labor market. The monopolist has the following production technology; Q = 1010505. The level of capital is fixed at 1 (K = 1). The demand for software is P = 100 - Q and wage is $25. (a Find the marginal revenue product of labor (MRPL). (b) Find the equilibrium amount of labor hired and the equilibrium wage. (c) Plot the supply and demand of labor. Clearly mark the curves, intercepts, and the equi- librium with correct numbers

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