What is the equilibrium wage rate and the equilibrium level of employment? Assume a firm is a monopsonist that can hire its first worker for $6 but must increase the wage rate by $3 to attract each successiveworker (so that the second worker must be paid $9, the third $12, and so on). The marginal revenue product of labor is given in thetable below.Marginal RevenueProductUnits of Labor1$3024318es4151210a. Draw the firm's labor supply and marginal resource cost curves.Instructions: (1) Use the tool provided 'Ls' to draw the labor supply curve (plot 6 points total). (2) Then use the tool provided 'MRP' todraw the marginal revenue product curve (plot 6 points total). (3) Finally, use the tool provided 'MRC' to draw the marginal resourcecost curve (plot 6 points total). To earn full credit for this graph, you must plot all required points for each curve. c. What is the wage rate under monopsonistic conditions?What is the equilibrium level of employment under monopsonistic conditions?By how much does the monoposonist reduce wages below the competitive wage?By how much does the monopsonist reduce employment below the competitive level?

Units of labor Marginal revenue product Wage Total resource cost (TRC) Marginal resource cost…

Assume a firm is a monopsonist that can hire its first worker for $6 but must increase the wage rate by $3 to attract each successive worker (so that the second worker must be paid $9, the third $12, and so on). The marginal revenue product of labor is given in the table below. Marginal Revenue Product Units of Labor 1 $30 24 3 18 4. 15 12 6 10 a. Draw the firm's labor supply and marginal resource cost curves.