5. (2 points) Consider a firm that sells its output in a perfectly competitive product market and hires labor in a perfectly competitive labor market. The marginal revenue product of labor for this firm is given as MRPN = 30 2N where N denotes the units of labor. Assuming that the firm is a profit maximizer and can hire labor at sw per unit. a) (l point) Suppose there are 100 identical firms as described above in the industry. Derive the aggregate (market) labor demand function. b) (l point) Suppose the aggregate (market) labor supply function is NS = Solve for the equilibrium wage and labor in this market. Graphically illustrate the equilibrium by drawing the aggregate labor demand culve (ND) and the aggregate labor supply curve (N s).