Homework Answers
Answer is option B)
In monopsony, at equilibrium MFC( marginal factor cost) & MRP(marginal revenue product) are equal.
Thus two cut when Labor equals 20
Now the wages are found on Labor supply curve, corresponding to 20 units of Labor, wages equals to 20 .
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The graph below shows a monopsony labor market. In the absence of any regulations, which of...
Consider the following graph of a monopsony labor market. The profit maximizing number of workers is...
Consider the following graph of a monopsony labor market. The profit maximizing number of workers is approximately Monopsony Labor Market 60 Chart Area 55 50 45 40 ME_L 35 MRP_1 30 25 20 15 10 5 0 L 20 . 5 7 8 9 10 11 12 13 14 15 16 17 18 12 1 S 7 11
Suppose the following table that characterizes the situation of monopsony. a) Complete the table above by...
Suppose the following table that characterizes the situation of
monopsony.
a) Complete the table above by
computing total and marginal expense of labor for each level of
employment
b) Find the level of employment that
maximizes profit? What wages will the monopsony offered?
c) On the same diagram, draw the
supply curve, marginal expense curve and marginal revenue product
curve.
Total cost Wage Offered Marginal Marginal Number of workers expense revenue Product (МЕ) $10 $11 $12 $13 $14 5 ?...
9. Suppose that a monopsony faces a labor supply curve of Ls-2+2w. What wage does the...
9. Suppose that a monopsony faces a labor supply curve of Ls-2+2w. What wage does the firm paw if it wants to hire 10 workers? b. What is the marginal expense of hiring an 10 worker? c. Draw a sample (or the exact) Labor Supply curve. Now add in a sample, ME curve and MRP curve such that the equilibrium is at 10 workers and at the wage from part a. Label the equilibrium level of employment and the equilibrium...
please anwser all questions. thank you so much! Aa Aa Undershaft Industries is a monopsonist. The following graph shows the labor supply curve it faces (labeled "S"), its marginal reven...
please anwser all questions. thank you so much!
Aa Aa Undershaft Industries is a monopsonist. The following graph shows the labor supply curve it faces (labeled "S"), its marginal revenue product curve (labeled "MRP"), and its marginal rèsource cośt curve (labeled MRC). WAGE (Dollars per hour 50 MR 40 MRP 30 20 10 10 20 30 40 QUANTITY OF LABOR INumber of werkersl Undershaft faces an upward-sloping above its labor supply curve. labor supply curve. Therefore, its marginal resource cost...
Suppose a Monopsony facing the following labor supply given by curve: L = 4W, where Lis...
Suppose a Monopsony facing the following labor supply given by curve: L = 4W, where Lis the number of workers and W = hourly wage. a) Express the hourly wage in terms of the number of workers (L). b) Provide an expression of total labor cost in terms of the number of workers (L) c) Express the marginal expense of labor (MEL) in terms of the number of workers. d) Suppose the marginal revenue product of labor ((MRPL) = 15...
In San Francisco, 140 people are willing to work an hour as hostesses if the wage...
In San Francisco, 140 people are willing to work an hour as hostesses if the wage is $20 per hour. For each additional $5 that the wage rises above $20, an additional 35 people are willing to work an hour For wages of $20, $25, $30, $35, and $40 per hour, plot the daily labor supply curve for hostesses on the following graph. (? 50 45 Supply 40 35 30 25 20 15 10 5 0 0 35 70 106...
A) B) The table below shows the quantity demanded and supplied in the labor market for...
A)
B)
The table below shows the quantity demanded and supplied in the labor market for economics professors at the I'MaState University, where all the professors belong to a union. If no union existed, the equilibrium salary for economics professors will be_? Annual Salary Quantity of workers demanded Quantity of workers supplied $45,000 95 20 $55,000 80 30 $60,000 65 40 $75,000 50 50 $95,000 35 60 $100,000 20 70 $75,000 $80,000 $100,000 $60,000 he table below shows the quantity...
Table 1 shows the labor market schedule and Table 2 shows the production Table 1 function schedule for the country of Moldovokia Quantity of labor Quantity of labor Real wage rate demanded supplied A...
Table 1 shows the labor market schedule and Table 2 shows the production Table 1 function schedule for the country of Moldovokia Quantity of labor Quantity of labor Real wage rate demanded supplied An increase in the population changes the quantity of labor supplied by 20 billion (2009 dollars per hour) 15 20 25 30 35 (billions of hours per year hours at each real wage rate What is the new potential GDP? Potential GDP is trillion 20 60 50...
Assume fixed costs are $200/day and labor costs are $80 per day per worker (assume labor...
Assume fixed costs are $200/day and labor costs are $80 per day per worker (assume labor costs are the only variable costs). If the company could sell cases of snack cakes for $14 per case, how many cases of snack cakes should the company produce in order achieve the highest profit possible? # of Workers Q of Snack Cakes TVC TFC TC MC 0 0 1 5 1.6 10 2 15 2.35 20 2.75 25 3.22 30 3.75 35 4.35...
Consider the following graph of a monopsony labor market. The profit maximizing number of workers is approximately Monopsony Labor Market 60 Chart Area 55 50 45 40 ME_L 35 MRP_1 30 25 20 15 10 5 0 L 20 . 5 7 8 9 10 11 12 13 14 15 16 17 18 12 1 S 7 11
Suppose the following table that characterizes the situation of
monopsony.
a) Complete the table above by
computing total and marginal expense of labor for each level of
employment
b) Find the level of employment that
maximizes profit? What wages will the monopsony offered?
c) On the same diagram, draw the
supply curve, marginal expense curve and marginal revenue product
curve.
Total cost Wage Offered Marginal Marginal Number of workers expense revenue Product (МЕ) $10 $11 $12 $13 $14 5 ?...
9. Suppose that a monopsony faces a labor supply curve of Ls-2+2w. What wage does the firm paw if it wants to hire 10 workers? b. What is the marginal expense of hiring an 10 worker? c. Draw a sample (or the exact) Labor Supply curve. Now add in a sample, ME curve and MRP curve such that the equilibrium is at 10 workers and at the wage from part a. Label the equilibrium level of employment and the equilibrium...
please anwser all questions. thank you so much!
Aa Aa Undershaft Industries is a monopsonist. The following graph shows the labor supply curve it faces (labeled "S"), its marginal revenue product curve (labeled "MRP"), and its marginal rèsource cośt curve (labeled MRC). WAGE (Dollars per hour 50 MR 40 MRP 30 20 10 10 20 30 40 QUANTITY OF LABOR INumber of werkersl Undershaft faces an upward-sloping above its labor supply curve. labor supply curve. Therefore, its marginal resource cost...
In San Francisco, 140 people are willing to work an hour as hostesses if the wage is $20 per hour. For each additional $5 that the wage rises above $20, an additional 35 people are willing to work an hour For wages of $20, $25, $30, $35, and $40 per hour, plot the daily labor supply curve for hostesses on the following graph. (? 50 45 Supply 40 35 30 25 20 15 10 5 0 0 35 70 106...
A)
B)
The table below shows the quantity demanded and supplied in the labor market for economics professors at the I'MaState University, where all the professors belong to a union. If no union existed, the equilibrium salary for economics professors will be_? Annual Salary Quantity of workers demanded Quantity of workers supplied $45,000 95 20 $55,000 80 30 $60,000 65 40 $75,000 50 50 $95,000 35 60 $100,000 20 70 $75,000 $80,000 $100,000 $60,000 he table below shows the quantity...
Table 1 shows the labor market schedule and Table 2 shows the production Table 1 function schedule for the country of Moldovokia Quantity of labor Quantity of labor Real wage rate demanded supplied An increase in the population changes the quantity of labor supplied by 20 billion (2009 dollars per hour) 15 20 25 30 35 (billions of hours per year hours at each real wage rate What is the new potential GDP? Potential GDP is trillion 20 60 50...
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