Question 1 De Weert Consulting Inc. is an economic consulting firm that produces expert reports for business litigation. The firm hires consultants to produce these reports. The table below provides the hourly marginal product associated with each additional consultant that De Weert Consulting Inc. hires. Number of Consultants Marginal Product of Labor 1 0.55 reports per hour 2 0.50 reports per hour 3 0.45 reports per hour 4 0.40 reports per hour 5 0.35 reports per hour 0.30 reports per hour Part (i): Suppose that the price of an expert report is $400. That is, De Weert Inc. sells completed reports to its clients for $400. Construct the demand for labor curve. Place number of consultants demanded on the horizontal axis and the hourly wage on the vertical axis. $2080 -...... ... .f.. . . .. ............ ... .....5. ... ... ....;.. Hourly Wage -.. ... .co.... ........;. ... ....;.... ... .5... &.. ....&...... -.! .. .. !... ... . . .. . .......... ... ... .. . ..;. ...; ...... -.goooooooooo. .. . . ... ........... ...-... .. ...-. ..;. $210 $160 go. . ..-.f. . . .. ... ....... . ..... ...... ....... .... . peace....... ... ...-..... . ... ....... .... ;... &...-4. $120 F. ...... ... . .. .....&. ...;.. .. .. ... . $80 -5. .............. ...........-..&....i... .E.......... ........... ... ... ... ... .... .p..-.. ... ...-....... ... ... ....... ... ....;. Number of Consultants Demanded Part (ii): Suppose that the price of an expert report is $400. If the hourly wage if $200, how many consultants will be employed? Assume that only whole-number consultants can be hired. Part (ili): Suppose that the price of an expert report is $400. If the hourly wage if $160, how many consultants will be employed? Assume that only whole-number consultants can be hired. Part (iv): Suppose that the price of an expert report is $400. If the hourly wage if $130, how many consultants will be employed? Assume that only whole-number consultants can be hired