Question

gram #2 loyed the the firm= diagram #2 (monopsonist employer)(one firm) 53m/perseny 52m/persentyr Sim/personyr ntity 24 people/yr 48 people/yr 72 people/yr alue

Need help answering 1, 2, B, C, and D

Determine the follwoing using diagram #2

1. wage paid by the firm (w)=

2. total quantity of labor employed by the firm=

B. Determine the wage bill (total labor costs to the firm)=

C. Determine total revenue earned by the firm=

D. Determine the socially optimal quantity of labor or allocative efficient of labor for the firm to use=

Answer 1

(1) we = $1.2 m 1 person /4r (2) labes employed = 60 people 14 B. Wage Bill = $72m ( Total Revenue = $120m &$2.0 m/porsen /YrX604 D. Sozially optimal quantity of labor = 72 people ſyr