Worksheet needs to be completed within 9 hours. Will pay $

Ans 1. a) Marginal income of labour Curve to Union —MYlabour
b) MRP labour = Marginal revenue product labour, VMP = Value of marginal product of labour, ARP labour = Average revenue product of labour.
Ans 2. 1) Price of labour or (we) = $320/person/week (Determined at the intersection of demand and supply curves)
2) Total employment in the Labour market = 60 people / week (determined by dropping a vertical line on x-axis)
3) Condition satisfied at we
MRP= Value of marginal product of labour = we
Ans 3. 1) MFClabour to the firm = $320/person/week
Because in perfectly competitive markets, a firm faces a perfectly elastic supply of labour which corresponds with the wage rate and the marginal factor cost of labour (W = SL =...