2. Complete the following labor supply table for a firm hiring labor competitively: LO17.2 Units of Wage Total Labor Marginal Resource Labor Rate Cost (Labor) Cost 0 $14 $ $

1 14 2 14 3 14 4 14 5 14 6 14

a. Show graphically the labor supply and marginal resource

(labor) cost curves for this firm. Are the curves the same or different? If they are different, which one is higher?

b. Plot the labor demand data of review question 2 in Chapter 16 on the graph used in part a above. What are the equilibrium wage rate and level of employment?