Suppose the market supply is given by L=3w. Assume the product market is competitive and the product price is p=$9. Also suppose MPL=970.EL and that the rm has monopsony power. A. (Notes upload] Graph the marginal revenue product of labourt The slope ofthis curve is equal to .The vertical intercept ofthis curve is equal to . Write the formula for the inverse supply of labour and graph the supply curve. The slope of this supply curve is B. For this firm. the fully simplified formula for marginal cost is MCL = _ l. (Enter the value which completes the formula. Do not enter the variable. it has been given) [Notes upload] Illustrate this market graphically. including accurate numbers for slopes and intercepts. Write the condition which the monopsonist's optimal choice of labour must satisfy. This monopsonist will choose employment level .At this employment level, the rm Will offer the wage s ,and the value marginal product of labour is :1; . The average cost of labour for this monopsonist is 5 and the firm's profitfrom the marginal worker is 5 C. (Notes upload] The competitive outcome would occur at the intersection ofwhich two curves? Indicate this point on your graph. Based on the equations given, the competitive level of employment would be and the competitive wage would be S . Relative to the monopsony outcome, competitive employment is {Enter "1 " for higher. \"0" the same. "-1 " for lower) and competitive wages are (Enter "'l" for higher, "0" the same. \"71\" for lower). Now suppose the union insists wages must not be below 54.71: D. (Notes upload) Carefully draw the firm's new marginal cost of labour. For employment levels up to L: .the rm's marginal cost of labour Will be $4.71. For levels of employment greater than that, the marginal cost of labour (Enter"i \" for increases. "U\" for stays the same. "71\"for decreases). Explain why. E. [Notes upload) Has the condition for the monopsonist's optimal choice of L changed? After the union inuence. the level of employmentwill be and workers will be paid 1; .When the union insists on at least $34.71 then, relative to the monopsony outcome, employment is (Enter \"1 " for higher. "0\" for the same. "r'l " for lower] and worker pay is (Enter "'l " for higher. "0" for the same. "e'l " for lower). When the union insists on at least s4.7'l then. relative to the competitive outcome. employment is (Enter "'l" for higher, "0\" the same. \"ii" for lower) and worker pay is (Enter "1" for higher. "U" forthe same. "ii" for lower). [Notes upload] Do you think the union can insist on a wage higher than $4? Write down whatyou think determines the minimum wage insisted on by the union