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STEP: 1 of 3 The nation of Ectenia has 20 competitive apple orchards. which sell apples at the wor1d price of $2 per apple. The following equations describe the production function and the marginal product of labor in each orchard: Q = 100121.2 MPL 1002L where Q is the number of apples produced in a day, L is the number of workers, and MPL is the marginal product of labor. What is each orchard's labor demand as a function of the daily wage W? L=1,000 5W L= 500.5W L= 500.25W L=1002W What is the market's labor demand? L = 1,000 0.25W L=500.25W L=1,0005W L=1005W Ectenia has 200 workers who supply their labor inelastically. The equilibrium wage is $ per worker per day. Each orchard hires that wages are the firm's only costs.) workers and makes a prot of per day. (Note: Assume STEP: 2 of 3 The nation of Ectenia has 20 competitive apple orchards, which sell apples at the world price of $2 per apple. The following equations describe the production function and the marginal product of labor in each orchard: IDOLL2 100 2L to II MPL where Q is the number of apples produced in a day, L is the number of workers, and MPL is the marginal product of labor. Suppose the world price of apples doubles to $4 per apple. What is each omhard's IabOr demand as a function of the daily wage W? 0 L = 1,000 2.5W a L = 50 0.25W p, L = 50 0.125W o L = 100 2W What is the market's labor demand? a L = 1,000 5W a, L = 50 0.125W 0 L = 1,000 2.5W a, L = 100 5W Ectenia has 200 workers who supply their labor inelastically. The equilibrium wage is $ per worker per day. Each orchard hires wages are the nn's only costs.) workers and makes a prot of per day. (Note: Assume that