Complete the following labor demand table for a firm that is hiring labor competitively and selling its product in a competitive market.Instructions: Enter your answers as a whole number.Units ofLaborMarginalRevenueTotalProductMarginalProductTotalProductPriceRevenueProduct$2117223123432453256026652a. How many workers will the firm hire if the market wage rate is $27.95?worker(s)How many workers will the firm hire if the market wage rate is $19.95?worker(s)b. Show this firm's labor demand curve graphically.Instructions: Use the tool provided 'Demand' to plot the labor demand curve point by point (plot 6 points total).35Tools30Demand252015(1, 16)10134Quantity of labor demandedWage rate c. Now determine the firm's demand curve for labor, assuming that it is selling in an imperfectly competitive market and that, althoughit can sell 17 units at $2.20 per unit, it must lower product price by 5 cents in order to sell the marginal product of each successivelabor unit.Instructions: For marginal product, enter your answers as a whole number. For all other answers, round your answers to 2 decimalplaces.Imperfectly Competitive MarketMarginalRevenueUnits ofTotalMarginalProductProductTotalLaborProductPriceRevenueProduct117231343453606.65LO

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Complete the following labor demand table for a firm that is hiring labor competitively and selling its product in a competitive market. Instructions: Enter your answers as a whole number. Marginal Revenue Units of Total Marginal Product Product Total Labor Product Price Revenue Product $2 17 31 3 43 4 53 60 65 a. How many workers will the firm hire if the market wage rate is $27.95? |worker(s) How many workers will the firm hire if the market wage 'rate is $19.95? worker(s) 56