sets will be graded all Answer all question in the units of the problem. For example, if Q = 10 is in thousands, just enter 10 and NOT 10,000. 1 Labor Markets and Monopsony Power The demand curve in the product market for a football team is given by: god ed ban malay we'd 0 P(Q) = 200 - Q where Q is the number of wins for the team and P is the price they can charge. There are 4 teams and each team has a monopoly in the product market. The production function for each team is given by: Q(1) = 21 where i is the amount of 'talent' that the hire. Labor Demand 1, Solve for the aggregate demand curve for labor. What Is the wage if L = 20. 2. Suppose Paul Depodesta thinks that other teams are misestimating the productivity of players. He knows that the productivity is actually O(() = 46. How much are teams underpaying for labor if L = 20? Assume that the aggregate labor demand curve is the one you found in problem 1.1. Also, assume that the aggregate supply curve for talent is: (L) = 100 + 24 Unless otherwise noted, your answers should be in the same units as the problem specifics, Labor force does not have to be in whole numbers