v View 125% v Zoom I T Add Page e aill il led Lvp B @o Insert Table Chart Text Shape Media Comment Collaborate 2. Suppose Firm B sells its output in a monopolistically competitive market. The firm hires its workers in a perfectly competitive labor market at a wage rate of $300 per worker. Complete the MPL column in the table below. # of laborers | Total Output MPL Price Total Revenue Marginal MRP Revenue it 20 $10 2 60 $9.50 3 95 $9.00 4 125 $8.50 5 140 $8.00 6 150 $7.50 7 155 $7.00 O A B Il 1 a. Calculate Total Revenue, Marginal Revenue, and Marginal Revenue Product for the chart. & b. What is the maximum wage the firm would pay for laborer 5? c. Explain why the firm would not be willing 3 to pay the worker more than that amount. d. Graph the MRP1 data for Firm A from Problem #1 and the MRP data for Firm B from this problem on the same graph. 4 . e. Onthe graph, insert the $300 wage rate and identify the profit maximizing level of output for each firm. a f. How does the quantity of labor hired differ between the firms? A Format Document