PLEASE ANSWER PARTS C AND D THOROUGHLY! PLEASE MAKE THE GRAPHS COMPLETE & INCLUDE ALL PARTS!

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 $200 per worker. Complete the MPL column in the table below. 3. 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? Explain why the firm would not be willing to pay the worker more than that amount. c. Graph the MRP1 data for Firm A from Problem #1 and the MRP data for Firm B from this problem on the same graph. Which curve is steepest? The MRP curve for Firm B in problem 2 is steeper. Why? MRP decreases faster for Firm B because it is operating in imperfect competition. This means, like perfect competition, marginal product is decreasing, BUT unlike perfect competition, marginal revenue is also decreasing. d. On the graph, insert the $200 wage rate and identify the profit maximizing level of output for each firm. How does the quantity of labor hired differ between the firms? Explain why it differs. 1. Suppose Firm A sells its output in a perfectly competitive market at a price of $10 per unit. The rm also hires its labor in a perfectly competitive market at a wage rate of $200 per laborer. Complete the table for MPL1 and MRP1. Total Product 20 m 5150 $400 $300 $350 $262.50 $250 $187.50 $150 $112.50 $37-50 $22.50 20 35 33 $330 $247.50 25 15 -3 2. Suppose Firm B sells its output in a monopolistically competitive market. The rm hires its workers in a perfectly competitive labor market at a wage rate of $200 per worker. Complete the MPL column in the table below. it of laborers Total Output MPL Total Marginal -\" 20 33 25 15 __ $200 \"__ $370 \"__ 5284-9 __ $23238 . _ - 153 153 1 $135 $35 \" -$9.8 5-49 12B 73