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On a separate piece of paper, draw a graph representing demand for workers at a firm...

On a separate piece of paper, draw a graph representing demand for workers at a firm with a union. Label employment on the horizontal axis and dollars on the vertical axis. Draw a demand curve, and two indifference curves for the union, that represent the tradeoff between employment and wages. One of these indifference curves should be tangent to the firm's demand for labor curve. Add isoprofit lines to your graph, that represent the firm's tradeoff between wages and employment. Isoprofit lines should be maximized at the intersection with the demand curve, but also need to be placed where they are tangent to the union indifference curves. Draw the contract curve segment on your graph.

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