MicroEconomics Problem?

Question

I have a Few Quick Questions I need help with...

10 points to first correct answers.

If you could Briefly tell me how you got the answer..

Thanx Alot

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Answer 1

Here we go!   Equilibrium wage is found by setting labor demand(MRP) equal to MRC, then go down until you hit the supply schedule-the wage line- at W1.  (1) That gets you wage level W1.  (2) Where MRP (demand) hits MRC the Q response is quantity Q2. (3) At this Q2 position, the firm's MRP is found off the demand curve at W4. (4) Labor is exploited by the different between W4 and W1. (5) if pure comp existed then wage and Q would be found by looking at the intercept of D and S, thus W2 and Q3.  Did you get that?