The Labor Market The following table shows the number of workers hired by an individual firm in an industry and the corresponding weekly marginal products of labor (MPL). Assume that the fir produces T- shirts. The industry is perfectly competitive and is populated with 1,000 identical firms. The labor market is also perfectly competitive. The price of the output sold by a typical firm is $20 per unit. The table below also shows the supply of labor by households to this industry. It shows the number of workers who are willing and able to work in this industry at different wage rates. Currently there are no immigrants in the country. Workers Marginal Supply of Measured | Product of Labor to the | Wage Rate in Persons Labor Industry (Dollars per (L) (MPL) (Persons) Person) Consider the information in the file named HW9 The Labor Market. Assume that the supply-of-labor numbers in that file pertain to native-born workers. In other words, currently, there are no immigrants in the country. Calculate the following: Equilibrium wage rate = dollars. Number of Wokers employed = persons. Labor income (Total dollar amount received by all the workers) = dollars. Purchasing power of the employed workers (The number of T-shirts these workers can buy with the total income you calculated above) = T- shirts. Question 1 continued. Consider the information in the file named HW9 The Labor Market. Assume that the supply-of-labor numbers in that file pertain to native-born workers. In other words, currently, there are no immigrants in the country. Assume that labor productivity increases so that each worker can produce 20 T- shirts more than before (add 20 to all the MPL nhumbers). Calculate the following: Equilibrium wage rate = dollars. Number of Wokers employed = persons. Labor income (Total dollar amount received by all the workers) = dollars. Purchasing power of the employed workers (The number of T-shirts these workers can buy with the total income you calculated above) = T- shirts