Units of Labor Output Marginal Product Price MRP1 Marginal Revenue Product MRP2 Marginal Revenue Product O 50 90 $20 $20 $600 $20 $20 $20 $20 $200 155 1. Provide the missing values in the first five columns of the table. Ignore the MRP2 column for now. 2. Plot the firm's marginal revenue product curve. 3. Plot the labor supply curve the firm faces if the wage is $400. How much labor does the firm hire? 4. Pot the labor supply curve the firm faces if the wage is $100. How much labor does the firm hire? 5. Assume the price of output falls to $10. Fill in the new values of the marginal revenue product in the MRP, column of the table and plot it on graph. How many units of labor are hired at a wage of $400? How much at a wage of $100? Given the possibility of continued outsourcing of jobs abroad, what do you think will happen in the United States in the short-run and long-run of this practice? Explain your answer.

1. Provide the missing values in the first five columns of the table. Ignore the MRP₂ column for now.
2. Plot the firm's marginal revenue product curve.
3. Plot the labor supply curve the firm faces if the wage is $400. How much labor does the firm hire?
4. Pot the labor supply curve the firm faces if the wage is $100. How much labor does the firm hire?
5. Assume the price of output falls to $10. Fill in the new values of the marginal revenue product in the MRP₂ column of the table and plot it on graph. How many units of labor are hired at a wage of $400? How much at a wage of $100?

Given the possibility of continued outsourcing of jobs abroad, what do you think will happen in the United States in the short-run and long-run of this practice? Explain your answer.