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Scenario 3 Labor demand and supply are gtven by w = 50 - 3E; and w = 10 + 3. Question 28 0 I 7 P" Refer to Scenario 3. What Is the equilibrium wage of this market? Joey's utility depends on consumption (C) and leisure (L). He has 116 hours that he can divide between leisure and work. His utility function is represented by we, L) =CL From this utility function. you can nd marginal utility of leisure (C) and marginal utility of consumption (L). Joey's marginal rate of substitution is % (which is just $2 ). Suppose Joey receives $669 each week from his dad regardless of the number of hours worked. What is Joey's reservation wage? (Round to nearest hundredth) Question 6 0 / 4 pts Refer to Scenario 1. How much profit is earned by the firm with a discrimination coefficient of 0.6 against black workers if there are no other costs? Round your answer to two decimals.Scenario 1 A rm's production function is given by O = 40 in(Ew + 3 + 1) where Ew and E3 are the number of whites and blacks employed by the firm respectively. From this it can be shown that the marginal product of labor is _ 40 MPE Ew+En+1 Suppose the market wage for black workers is $50, the market wage for white workers is $100, and the price of each unit of output is $20