Answer the question on the basis of the following informatio…

Answer the question on the basis of the following information. A farmer who has fixed amounts of land and capital finds that total product is 24 for the first worker hired; 32 when two workers are hired; 37 when three are hired; and 40 when four are hired. The farmer’s product sells for $3 per unit and the wage rate is $13 per worker.Refer to the given information. The marginal revenue product of the second worker is:

  Assumptions: These two graphs show two sectors of the labo…

  Assumptions: These two graphs show two sectors of the labor market for a particular kind of labor. Relevant product markets are competitive. The two labor demand curves are identical and initially the quantities of labor employed in the two sectors are L1 and L’1 and the wage rate in each sector is Wn.Refer to the diagrams and assumptions. If all the workers who lose their jobs in the union sector because of a Wn to Wu union wage increase are reemployed in nonunion sector 2, output in that sector will: