- . Explain the meaning and significance of the fact that the demand for labor is a derived demand. Why do labor demand curves slope downward? (LO1) . Complete the following labor demand table for a firm that is hiring labor competitively and selling its product in a competitive market. (LO1) a. How many workers will the firm hire if the market wage rate is $27.957 $19.957 Explain why the firm will not hire a larger or smaller number of units of labor at each of these wage rates. b. Show this firm''s labor demand curve in schedule form and graphically. . In 2018, General Motors (GM) announced that it would reduce employment by 14,000 workers. What does this decision reveal about how GM viewed its marginal revenue product (MRP) and marginal resource cost (MRC)? Why didn''t GM reduce employment by more than 14,000 werkers or by fewer than 14,000 workers? (LO2) . What factors determine the elasticity of resource demand? What effect will each of the following have on the elasticity or location of the demand for resource C, which is being used to produce commodity X? Where there is any uncertainty as to the outcome, specify the causes of that uncertainty. (LO2, LO3) Marginal Units of Total Marginal Product Total Revenue Labor Product Product Price Product 17 S 31 43 - 53 &0 T o AR W= O KoK NN R