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Calculating MRPs for Perfect and Imperfect Competition O Be sure to show all work. 1. Suppose Firm A sells its output in a perfectly competitive market at a price of $20 per unit. The firm also hires its labor in a perfectly competitive market at a wage rate of $300 per laborer. Complete the table for MPL] and MRP1. # of Laborers Total Product MPL1 MRP1 MRP2 1 20 60 AW N 95 128 153 168 7 173 8 170 a. What is the maximum wage the firm would be willing to pay laborer #4? b. At a wage of $300 per day, how many laborers will the firm hire? c. Suppose, due to a lack of popularity, the price of the good drops to $10.00 per unit. Calculate the new values for marginal revenue product for the MRP2 column d. Given the change in Part C, how many laborers will the firm hire at a wage rate of $300 per day? e. Ignore the change in product price in part C. Now suppose that a new technology increases labor productivity by 10 units for each laborer. Would the firm's demand for labor increase or decrease? Why?2. Suppose Firm B sells its output in a monopolistically competitive market. The firm hires its workers in a perfectly competitive labor market at a wage rate of $300 per worker. Complete the MPL column in the table below. # of laborers Total Output MPL Price Total Marginal MRP Revenue Revenue 1 20 $10 IN 60 $9.50 3 95 $9.00 4 125 $8.50 5 140 $8.00 150 $7.50 155 $7.00 a. Calculate Total Revenue, Marginal Revenue, and Marginal Revenue Product for the chart. b. What is the maximum wage the firm would pay for laborer 5? c. Explain why the firm would not be willing to pay the worker more than that amount. d. Graph the MRP1 data for Firm A from Problem #1 and the MRP data for Firm B from this problem on the same graph.Edi e. On the graph, insert the $300 wage rate and identify the profit maximizing level of output for each firm. f. How does the quantity of labor hired differ between the firms