If the demand for a good is Q = 1,400 - 100p, then marginal revenue function is given by 14-Q/50 1400-200 1400- 100 -1/100 14Q - Q²/100 The more elastic the labour supply is, the smaller the wage paid by a monopsonist. True False
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- Table 14.13 shows information from the supply curve for labor for a monopsonist, that is, the wage rate required at each level of employment. What is the monopsonists marginal cost of labor at each level of employment? If each unit of labors marginal revenue product is 13, what is the firms profit maximizing level of employment and wage?The more elastic the labour supply is, the smaller the wage paid by a monopsonist. True FalseThe inverse labour demand curve of a monopsonist employer is W= 37,500 – 80L, where Wis the annual salary and Lis the number of workers hired. The labor supply is given by W= 9,400 + 108L. (a) The marginal expenditure equation is ME= Do not include a comma in your answer. Please use capital letters (e.g. L not I) (b) To the nearest integer, the monopsonist would hire 数字 workers and, given that number of workers, the salary they would pay is, rounded to 2 decimal places (e.g. 4.12) A7 Do not include a comma in your answer.
- A monopsonist's demand curve for labor is given by w= 15 – 2L, where w is the hourly wage rate and L is the number of person-hours hired. a. If the monopsonist's supply (AFC) curve is given by w= 1L, which gives rise to a marginal factor cost curve of MFC = 2L, how many units of labor will he employ and what wage will he pay? Instructions: Round your answer for labor to 1 decimal place. Round your answer for wage to the nearest penny (2 decimal places). Labor: Wage: $ b. How would your answers to part (a) be different if the monopsonist were confronted with a minimum wage bill requiring him to pay at least $7/hr? Instructions: Round your answer for labor to 1 decimal place. Round your answer for wage to the nearest whole number. Labor: Wage: $The inverse labour demand curve of a monopsonist employer is W = 42,500 – 118L, where Wis the annual salary and Lis the number of workers hired. The labor supply is given by W= 9,600 + 100L. %3D (a) The marginal expenditure equation is ME= . Do not include a comma in your answer. Please use capital letters (e.g. L not I) (b) To the nearest integer, the monopsonist would hire 数字 workers and, given that number of workers, the salary they would pay is, rounded to 2 decimal places (e.g. 4.12) 数字 . Do not include a comma in your answer.4 A production function is states as: 120Q1/3, with an output price of 25. Firms total revenue is stated as 11000Q1/2 with a labor supply of Q=15w. If you derive the monopsony equilibrium labor and monopsony wage what would they be.
- Suppose that the supply and marginal revenue product of labour curves faced by a monopsonist are as follows: Supply with Min Wage Units of Labour Supply MRPN MC MC with Min Wage (N) 1 5.00 8.00 5.20 7.50 3 5.45 7.00 4 5.70 6.45 6.00 6.05 6. 6.30 5.50 7 6.65 4.90 7.00 4.00 a) Maintain the assumption that firms can not price discriminate in the input market and fill in the firm's Marginal Cost (MC) table. b) How many workers will the monoposonist hire and what would the wage be? How many workers would have been hired and at what wage if this were a perfectly competitive market? c) Suppose now the province introduces a new minimum wage policy which sets the minimum wage at $6. Fill in the monopsonist's supply and marginal cost tables with the minimum wage. d) What will happen to the number of workers hired with the introduction of this minimum wage?The inverse labour demand curve of a monopsonist employer is W = 41,500 – 101L, where W is the annual salary and L is the number of workers hired. The labor supply is given by W = 9,800 + 109L. (a) The marginal expenditure equation is ME=__________ (b) To the nearest integer, the monopsonist would hire ______ workers and, given that number of workers, the salary they would pay is, rounded to 2 decimal places (e.g. 4.12) ____Consider a monopsonist that hires 4.28 units of labor at a wage of 19.26. If the marginal value placed on the last worker hired is 41.22 a.) what is the elasticity of labor supply for this monopsonist?
- The Happyland Hospital is a monopsonist employer of nurses in the small city of Happyland. The market supply function of nurses is S(W) = 0.25W - 30, where Wis the nurses' weekly wage. a. What is the hospital's marginal expenditure, ME? ⒸME = 120. ⒸME = 8L - 120. ME=8L + 120. O ME = 8L. $ ME = 4L + 120. Instructions: Round quantities to the nearest whole number and all other answers to 2 decimal places as needed. b. If the hospital's marginal benefit is $4,000 per week no matter how many nurses it hires, what is the profit-maximizing number of nurses for the hospital to hire? c. What will the nurses' wage be? $ 16000 d. What is the deadweight loss? nurses. 0 x25. Consider the graph below. The profit-maximizing level of employment by the monopsonist in the labor market shown above will be: A. A B. B C. C D. D W MRC -SL * MRP 0 ABC D Quantity of Labor LWhat would happen if the labour market is dominated by a monopsonist, and the government sets a minimum wage that is above the competitive wage? please answer with graphs
