onsider a firm that sells its output in a perfectly competitive product market and hires labour in a perfectly competitive labour market. The value of the marginal product of labour (in pounds) is given by: VMPE=20-5E Assuming that the firm is a profit maximiser and can hire labour at £W per unit, derive its labour demand function.    Given that there are 50 identical firms (like the firm described in (b)) in the industry, find the market labour demand. If the supply function of labour to this market is: WS=30W

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