Consider the following two equations of supply and demand that characterize the labor market: W=2007QdL W=50+3QsL W is measured in dollars per unit of labor. QL is the quantity of labor. Initially, assume perfect competition in both the product and labor market. a) Illustrate this labor market in the diagram below. b) If labor is not organized and there is no labor monopsonist, what is the competitive wage and the number of units of labor hired? Identify these on your diagram. c) Suppose labor organizes in order to exercise monopoly power over the wage with the goal of maximizing economic rent to its workers. What will be the wage the union will bargain for, and what will be the quantity of labor hired at that wage? Identify these on your diagram. d) What is the magnitude of the dis-employment effect that results? e) How much unemployment is there at the union wage? f) How much economic rent is received by the union members? (Recall a resource such as labor, economic rent is the same as the producer surplus.) g) What are the total wage payments (WxQL) to the union members? h) Alternatively, the union may wish to maximize total wage payments to its members, rather than economic rent. If this is the case, what is the union wage and quantity of labor hired? Identify these on your diagram. i) In this alternative case, how much economic rent is received by the union members? j) In this alternative case, what are the total wage payments to the union members? k) Under what circumstance might the union take the second approach? Bonus: If the union simply wanted to maximize the number of jobs for its workers, what should it do and what would be the number of units of labor hired?.