P10. Use the following data to answer the questions below. Assume a perfectlv competitive product market. Units of Labor Units of Output Marginal Revenue Marginal Reven ugh] Product P=$3 Product P=$5 mLMMl'O Il 00 1. Calculate the marginal revenue product for each additional unit of labor if output sells for $3 per unit. 2. Draw the demand curve for labor based on the above data and the $3-per unit product price. 3. If the wage rate is $15 per hour, how much labor will be hired? 4. Using your answer to part {c}, compare the rm's total revenue to the total amount paid for labor. Who gets the difference? 5. What would happen to your answers to parts [la-J and [c.l if the price of output increased to $5 per unit, other things constant? l I n I LA