Image transcription text CB: [17 p15] The firm in question is a monopson’y in hiring labor. The firm is a price—taker in the output market

Image transcription text CB: [17 p15] The firm in question is a monopson’y in hiring labor. The firm is a price—taker in the output market
and the output price is $2 per unit. The total product of labor is presented in Columns {1} and [2] ofthe table below, while the reservation
wage of workers are presented in Columns l?) and {8}. m I21 I31 IE- 6} m m .5- Marginal Marginal
Product Resource Cost _ Wo rke rs of labor of labor Supplied
{MPLJ [MRCL] NA. . . NA. [i] [4.5 p15] Fill in the blank cells in Column [3} and then compute the firm’s demand for labor in
Column {4]. [ii] [4.5 pts] Fill in the blank cells in Column [6} and then compute the firm’s marginal resource cost of
labor in Column [5]. {iii} [4.5 p13] How many units of labor should the firm hire? Answer:
{iv} [4.5 p15] Given [iii], how many units of output would the firm produce? Answer: units
[v] [4.5 p13] Given [iii], how much should the firm pa}.r its workers? Answer: 5 {vi} [4.5 p13] What is the total producer surplus accrued to the workers hired? Answer: 5
(Hint: Add up the surpluses of individual workers}