Complete the following labor demand table for a firm that is hiring laborcompetitively and selling its product in a competitive market.(Submit your answer as an Excel file using the table on the right or as a textfile that presents your answers in a format similar to the table below).Units ofTotalMarginalProductTotalMarginalLaborProductProductPriceRevenueRevenue$2a. How many workers will the firm hire if the market wage rate is $27.95?$19.95? Explain why the firm will not hire a larger or smaller number of unitsof labor at each of these wage rates.11722312432453Units ofLabor Product ProductMarginalRevenueTotalMarglnal ProductTotalPriceRevenueProduct5602$2176652313434532606652

The Marginal-product of labour(MPL) is the addition in total-output(Q) due to employment of one more…

Complete the following labor demand table for a firm that is hiring labor competitively and selling its product in a competitive market. (Submit your answer as an Excel file using the table on the right or as a text file that presents your answers in a format similar to the table below). Units of Total Marginal Product Product Total Marginal Labor Product Price Revenue Revenue $2 a. How many workers will the firm hire if the market wage rate is $27.95? $19.95? Explain why the firm will not hire a larger or smaller number of units of labor at each of these wage rates. 1. 17 31 2 3 43 4 53 Marginal Revenue Units of Total Marginal Product Total Revenue Labor Product Product Price 5 60 Product