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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 $200 per worker. Complete the MPL column in the table below. MRP MPLA of laborers Total Output Price Total Marginal Revenue Revenue 20 $9.50 60 $9.00 95 $8.50 128 $8.00 153 $7.50 168 173 $7.00 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? Explain why the firm would not be willing to pay the worker more than that amount c. Graph the MRP1 data for Firm A from Problem ff1 and the MRP data for Firm B from this problem on the same graph. Which curve is steepest? The MRP curve for Firm B in problem 2 is steeper. Why? MRP decreases faster for Firm B because it is operating in imperfect This means, like perfect competition, marginal product is decreasing, BUT unlik competition perfect competition, marginal revenue is also decreasing d. On the graph, insert the $200 wage rate and identify the profit maximizing level of output for each firm. How does the quantity of labor hired differ between the firms Explain why it differs

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