Take notice of the specific numbers in the questions.

1. Suppose Firm A sells its output in a perfectly competitive market at a price of $20 perunit. The firm also hires its labor in a perfectly competitive market at a wage rate of $300 per laborer. Complete the table for MPL, and MRP1. # of Laborers Total Product MPL MRP: T MRP2 20 N P 60 95 128 153 168 173 170 a. What is the maximum wage the firm would be willing to pay laborer#4? b. At a wage of $300 per day, how many laborers will the firm hire? c. Suppose, due to a lack of popularity, the price of the good drops to $10.00 perunit. Calculate the new values for marginal revenue product for the MRP, column d. Given the change in Part C, how many laborers will the firm hire at a wage rate of $300 perday? e. Ignore the change in product price in part C. Now suppose that a new technology increases labor productivity by 10 units for each laborer. Would the firm's demand for labor increase or decrease? Why