The table below shows the quantity demanded and supplied in the labor market for economics professors at the I'MaState University, where all the professors belong to a union. If no union existed, the equilibrium salary for economics professors will be.... Annual Salary $50,000 $60,000 $70,000 $80,000 $90,000 $100,000 O $80,000 $70,000 $100,000 O $90,000 Quantity of workers demanded 95 80 65 50 35 20 Quantity of workers supplied 20 30 40 50 60 70

Consider a perfectly competitive labor market in which the demand for labor isgiven by E = 48,000 – (2,000/3)W, and the supply of labor is given by E = -8,000+ 1,000W. In these equations, E is the number of employee-hours per day, and Wis the hourly wage.a. What is the equilibrium number of employee-hours each day?b. Compute the employer surplus and the workers surplusc. Suppose the government imposes a minimum wage of $24 per hour. Whatwill be the resulting number of employee-hours after the imposition of thisminimum wage?d. What is the number of employee-hours per day hired and the number ofemployeese. Based on the question © Compute the employer surplus and the workerssurplusf. Compute the dead weight loss in this labor market with minimum wageProblem V

Use the data in the tables to answer the question that follows.                     Market  Price of Output Quantity Supplied of Output Quantity Demanded of Output    $5    25,000     60,000    $10   50,000    50,000    $15   75,000     40,000   $20    100,000    30,000   $25    125,000   20,000                                      Firm    Quantity of Labor   Total Product     0     0    15   105    30   190   45   265    60   325 What is the marginal revenue product of the 45th unit of labor, assuming this market is perfectly competitive in both the factor and output markets? A-$30.   B-$50.    C-$63.   D-$100.   E-$2,650   (2) The marginal benefit to suppliers will be less than the marginal cost to the single buyer. This describes A-perfect competition.   B-monopolistic competition.   C-an oligopoly.  D-a monopoly E-a monopsony

Fig. A 250 $ 200 Fig. C 150 100 50 0 250 200 150 0 12 100 50 0 I 0 VMP=MRP LS-MFC 10 20 MRP VMP LS=MFC 10 20 30 40 URE 30 50 40 50 L Fig. B Fig. D 250 200 150 100 50 0 250 200 150 100 50 0 $ 0 $ 45. Assuming the labor market is perfectly competitive, which of the following statements are TRUE? O(a) The VMP is the demand for labor curve for a firm that sells its product in a perfectly competitive market (b) The MRP is the demand for labor curve for a firm that has monopoly power when it sells its product. (c) Both (a) and (b) are correct O(d) None of the above 0 10 VMP=MRP MRP 10 20 VMP 20 30 40 30 40 LS 50 50 LS -MFC ||||| L MFC