SUPPLY OF AND DEMAND FOR PRODUCTIVE RESOURCES 523 a. Fill in the missing columns. b. How many units of labor would be employed if the market wage rate were $40? Why? c. What would happen to employment if the wage rate rose to $50? Explain. workers and capital to17. demand To1 highly elastic on the elasticity of demand for the resources used to produce the product? Explain. 2 "The following chart provides information on a firm that hires market. labor competitively and sells its product in a competitive UNITS OF TOTAL MARGINAL PRODUCT LABOR OUTPUT TOTAL PRODUCT PRICE REVENUE MRP 14 $5 26 $5 37 $5 QUIA W N - 46 $5 53 - $5 IIT 1 1 58 $5