Question 1 40 pts Review the data below in Table 4-1, and then answer parts a through c. Figure 4-1 Wage Rate Number of Workers Supplied MRC MRP $10 0 $11 $11 $17 $12 2 $13 $16 $13 3 $15 $15 $14 4 $17 $14 $15 $19 $13 $16 $21 $12 a. If the firm employing this labor were a monopsonist, explain what the wage rate and the quantity of labor employed would be. b. If the market for this labor were perfectly competitive, what would the wage rate and quantity of labor employed be? c. Explain what the impact on wages and employment would be if a large urban school district (the only significant employer of K-12 teachers for 200 miles), was broken into 85 independent school-firms, each competing for the services of good teachers.'Stranger Things'... stranger things 4... Stranger Things S... Stranger Things C... Joe Keery, Gaten.. D Murphy's Machinery is a profit-maximizing firm with the following production information. The price of machine parts is $8. Number of workers Number of Machine Parts Produced Per Day O 0 10 2 25 3 50 4 80 5 95 6 90 a. At which number of workers is marginal product maximized? b. Identify and define the economic principle that explains why marginal product eventually decreases. c. Why would Murphy's Machinery never hire the 6th worker? d. What is the maximum daily wage Murphy's Machinery would be willing to pay the 3rd worker? Edit View Insert Format Tools TableStranger Things C... Joe Keery, Gaten... Jan Question 2 20 pts Ron's Woodworking supplies high quality wooden bowls made from exotic hardwoods from around the world for its customers. Ron has hired several employees. a. Explain two factors that impact Ron's demand for workers in his shop. b. Ron is considering hiring a new worker. Assuming that Ron wishes to maximize profits, how should he make the decision to hire or not hire the next worker? Explain your reasoning. c. Ron has recently purchased a new lathe that will allow the production of several bowls from a single block of wood, greatly increasing the productivity of the workers in his shop. How will the increased productivity of Ron's workers impact the number of workers he employs? Why? Edit View Insert Format Tools Table . . . 12pt ~ Paragraph B U A v T2