Please answer the questions with detail steps and graphs.

Q2 a (3 points) Imagine there are 100 firms in a competitive product market who hire labour in a perfectly competitive labour market. Assume that the value of the marginal product of labour for a single firm is: VM Py = 10 - 4N Derive the market labour demand curve Nd. - 1 + Drag and drop an image or PDF file or click to browse... Q2 b (4 points) Suppose the labour supply curve is: N = 10 + W Draw the labour market for this industry and calculate equilibrium.Q2 c (4 points) Suppose the government institutes a payroll tax of $3 an hour on employers. How does the influence the labour market? Draw a diagram and calculate the new equilibrium. + Drag and drop an image or PDF file or click to browse... L - Q2 d (3 points) Who actually pays the majority of this payroll tax? Why? r + Drag and drop an image or PDF file or click to browse