Given the information in the table below, graph the marginal cost of labor for a monopsony firm. Plot only the points that can be gathered from the table. Supply of Labor 1 |2 3 4 5 |$1 per $2 per $3 per $4 per $5 per |hour |Wage Rate |hour hour |hour |hour Total Cost of Labor $1 $4 $9 $16 $25 Marginal Cost $1 of Labor $3 $5 $7 $9 Provide your answer below: (4.5, 7) -6- (4.5, 4.5) -4 (3, 3.5) (1,5, 2.5) -2- (0.5, 1.5) MC of Labor

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Given the information in the table below, graph the marginal cost of labor for a monopsony firm. Plot only the
points that can be gathered from the table.
Supply of
Labor
1
2
3
4
5
$1 per $2 per $3 per $4 per $5 per
|hour
Wage Rate
|hour
|hour
|hour
hour
Total Cost of
Labor
$1
$4
$9
$16
$25
Marginal Cost
$1
$3
|$5
$7
$9
of Labor
Provide your answer below:
10
8
O (4.5, 7)
(4.5, 4.5)
4
(3, 3.5)
(1,5, 2.5)
2-
(0.5, 1.5)
4
Supply of Labor
MC of Labor
Transcribed Image Text:Given the information in the table below, graph the marginal cost of labor for a monopsony firm. Plot only the points that can be gathered from the table. Supply of Labor 1 2 3 4 5 $1 per $2 per $3 per $4 per $5 per |hour Wage Rate |hour |hour |hour hour Total Cost of Labor $1 $4 $9 $16 $25 Marginal Cost $1 $3 |$5 $7 $9 of Labor Provide your answer below: 10 8 O (4.5, 7) (4.5, 4.5) 4 (3, 3.5) (1,5, 2.5) 2- (0.5, 1.5) 4 Supply of Labor MC of Labor
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