Module 71 Featured Worksheet 1 The Market for Labor 1. Define the following terms: a. MPL b. MRPL C. MFC 2. Consider the data in the table below. Add columns and fill in the values needed to determine the number of workers this firm should hire. Product Price = $ Wage = 20 $30/worker Q workers Total Product 0 0 3 N 10 W 14 A 16 U 15 6 14 3. How many workers should this firm hire? Explain using marginal analysis.The Barking Bakery produces dog treats. It is trying to decide how many bakers to hire. The table below provides data on total output as more workers are hired. As part of a perfectly competitive market, The Barking Bakery sells all of its dog treats at the price of $4.00 each. 4. Complete the table by lling in the blanks. # 0f Prgdtlet 13:53:21 Price of dog Total workers (treats per (treats per treat Revenue VMPMP hired hour) hour per worker) 0 0 - $ 4.00 - 1 55 55 2 112 57 3 159 47 4 199 40 5 228 29 6 243 15 7 235 -8 5. Why did marginal product decrease after the second dog treat? 6. If the wage rate for bakers is $60 per day, how many workers will be hired? Explain. 7. If the demand for dog treats decreases and the price falls to $3.00, what is the effect on the number of workers hired? Explain. 8. When a labor union negotiates a wage of $90.00 per day for bakers, What is the effect on the number of workers hired