Sun 29 Mar, 2015 02:46 pm
I need some help with a question on my Microeconomics homework. First, it gives the graph of the Demand (MRP) curve and the supply curve for a competitive labor market. The equilibrium quantity of labor hired by the firm is 22.5 and the wage rate in dollars is 25. Next, it asks you to graph the quantity of labor hired and the wage rate for a single competitive firm. The only thing given on this graph is the demand curve (mrp) for the single competitive firm. Then, it asks you to use a blue triangle to identify the non-labor costs of the firm and a green rectangle to identify the wage costs of the firm. Can someone please help? I have been stuck on this problem for the last two days and cannot for the life of me figure it out!