c. Approximate the number of workers firm A will demand per week if the wage rate (Marginal Factor Cost: MFC) is set at $400 per week, per worker? (3 points)

d. In terms of the income or substitution effect regarding supply of labor, explain how a rise in one's wage rate can induce a worker to work fewer hours, instead of hours.

(3 points)

5: a. Use the data in table below for firm A and fill in all the blanks. (7.5 points) (2) (3) (4) (5) (6) (1) Units Total Price of Marginal $ Total $ Value of of Quantity of the Product of Revenue Marginal labor Output product labor (MPL) (TR) Revenue Product (VMRP) $30 N/A N/A 40 $30 2 72 $30 3 92 $30 4 102 $30 5 107 $30