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Assume a firm is a monopsonist that can hire its first worker for $6 but must increase the wage rate by $3 to attract each successive worker (so that the second worker must be paid $9, the third $12, and so on). The marginal revenue product of labor is provided in the table below. Marginal Revenue Units of Labor Product 1 $30 2 24 3 18 4 15 12 10 a. Draw the firm's labor supply and marginal resource cost curves. Instructions: (1) Use the tool provided 'SL' to draw the labor supply curve (plot 6 points total). (2) Then use the tool provided MRP' to draw the marginal revenue product curve (plot 6 points total). (3) Finally, use the tool provided 'MRC to draw the marginal resource cost curve (plot 6 points total). To earn full credit for this graph, you must plot all required points for each curve. Tools MRP SL MRC Wage rate (dollars) 21 5 Quantity of labor The Instructions: Enter your answers tis a whole number. " Are the curves the some or different? If they are different, which one is higher? ' "Ol They are different, the labor supply curve is higher." They are different, the MRC curve is higher O' They are the same IT I b. What is the competitive equilibrium wage rate? What is the equilibrium level of employment? unit(s) of labor c. What is the wage rate under monopsonistic conditions? $ What is the equilibrium level of employment under monopsonistic conditions? unit(s) of labor, By how much does the monopsonist reduce wages below the competitive wage? $ By how much does the monopsonist reduce employment below the competitive level? unit(s) of labor