Attempts I I Average l 3 2. Graphing demand for labor and computing the optimal quantity of labor demanded Consider a company operating in a competitive market. The company sells units of output and receives a price of $30 per unit, and pays a daily market wage of $235 to each worker it employs. In the following table, complete the column for the value of the marginal product of labor (VMPLJ at each quantity of workers, Labor Output Marginal Product of Labor Value of the Marginal Product of Labor (Number of workers} ( Units of output) (Units of output) (Dollars) 0 0 1 16 16 E 2 31 15 E 3 45 14 E 4 55 n E B 5 64 E On the followlng graph, use the blue points (circle symbol) to plot the rm's labor demand curve. Then, use the orange line (square symbols) to show the wage rate. (Note: If you cannot place the wage rate at the level you want, move the two end points lndlw'dually.) Hint: Remember to plot each point halfway between the two integers. For example, when the number of workers increases from [I to 1, the value of the marginal product for the rst worker should be plotted with a horizontal coordinate of 0.5, the value halfway between L] and 1. IJne segments will automatically connect the points. SEIO O 450 Demand 4cm 'E' 350 D 'E E m . ManteIWa e Rate 9 E E 250 E T: Q 200 h g 15:: mo 50 I] |. n 1 2 a 4 5 LABOR [Number of workers} The prot-maximizing quantity of labor at the market wage is V . Continue without saving