ZuoTi.Pro
Question

Use the following information for the next 8 questions. Assume that in the market for labor...

Use the following information for the next 8 questions.

Assume that in the market for labor for college football, you have the following demand, supply and marginal cost curves:

WD= 190 - 8Q

WS = 9Q - 70

MC = 18Q - 70

A) Assume initially that there is a competitive equilibrium in the market for college football labor. What is the quantity labor that will be employed in this market?

B) Assume initially that there is a competitive equilibrium in the market for college football labor. What is the wage that will be paid per unit of labor in this market?

C)Now assume that the NCAA can act as a monopsonist when negotiating labor contracts. What is the quantity of labor that will be employed in this market

D)Now assume that the NCAA can act as a monopsonist when negotiating labor contracts. What is the wage that will be paid per unit of labor in this market?

F)Now assume that the NCAA can act as a monopsonist when negotiating labor contracts. What is the marginal revenue product of labor in this market?

G)Now assume that the NCAA can act as a monopsonist when negotiating labor contracts. What is the marginal cost of labor in this market?

H)Now assume that the NCAA can act as a monopsonist when negotiating labor contracts. What is the value of welfare transferred from athletes to the NCAA?

J)Now assume that the NCAA can act as a monopsonist when negotiating labor contracts. What is the value of the deadweight loss in this market?

business   economics   
0 0
Add a comment Improve this question Transcribed image text
Next > < Previous
Sort answers by oldest

Homework Answers

Answer #1

0 0
Add a comment
Know the answer?
Add Answer to:
Use the following information for the next 8 questions. Assume that in the market for labor...
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for? Ask your own homework help question. Our experts will answer your question WITHIN MINUTES for Free.
Similar Homework Help Questions

  • Question 13 1pts Suppose that the labor market for low skill jobs in California is close...

    Question 13 1pts Suppose that the labor market for low skill jobs in California is close to a competitive labor market. Many of low skill labor are from Mexico and Central America. Some politicians are considering restricting immigration from these countries. This would cause a decrease in the supply of labor leading to an increase in the equilibrium wage and an increase in the equilibrium quantity of labor employed. a decrease in the supply of labor leading to an increase...

  • What information can the labor supply curve give you by itself (no other curves)? Assume that...

    What information can the labor supply curve give you by itself (no other curves)? Assume that we do not know how competitive the labor market is. Group of answer choices Level of employment Number of workers who are willing to work at a given wage Quantity of labor supplied at a given wage Marginal cost of workers' time Marginal cost of labor Opportunity costs of workers' time Cost of hiring one more worker

  • In a competitive labor market, demand for workers is QD 20,000 100W, and supply is Qs...

    In a competitive labor market, demand for workers is QD 20,000 100W, and supply is Qs 4,000 + 1,900W, where Q is the quantity of workers employed and W is the hourly wage. a) What is the initial equilibrium wage and employment level? b) Suppose that the government decides that $9 per hour is the minimum allowable wage in any market. What would the new employment level be? c) What would happen to total payments to labor? d) Would there...

  • 4. Suppose that in a competitive labor market, demand for workers is Qp- 10,000 - 100W...

    4. Suppose that in a competitive labor market, demand for workers is Qp- 10,000 - 100W and the labor supply is Qs 2000+190oW, where Q is the quantity of workers employed and W is the hourly wage. [io pts. each] a. What is the initial equilibrium wage and employment level? b. Suppose that the government imposes a minimum wage of s5 per hour. How many people will be employed under the new minimum wage law? Suppose that the demand for...

  • THIS IS ALL ONE QUESTION Assume the firm is a monopolist: Demand for labor is VMP...

    THIS IS ALL ONE QUESTION Assume the firm is a monopolist: Demand for labor is VMP = 35 – 0.004E, supply of labor is w = 5 + 0.01E, and Marginal cost of hiring workers is MC = 5 + 0.02E a. How much labor does the firm hire and at what wage when there is no minimum wage? b. How much labor would be employed if this was a perfectly competitive market? c. Draw the diagram and show the...

  • Answer all the following questions: The individual firm operating in a perfectly competitive labor market faces...

    Answer all the following questions: The individual firm operating in a perfectly competitive labor market faces an inelastic demand for labor. will pay less to the additional labor employed. can buy all the labor it wants at the going market wage rate. can hire more labor only by offering a higher wage.

  • 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...

  • Assume a mis amongst that can heitsfest work for $6 but must increase the wage rate...

    Assume a mis amongst that can heitsfest work for $6 but must increase the wage rate by $3 to attract each successive workers that the second worker must be paid $9 the third $12.and so on. The main revenue product of labor is given in the table below Units of Labor Marginal Revenue Product a Draw the firm's labor supply and marginal resource cost curves Instructions: Use the tool provided to draw the labor supply curve plot 6 points to...

  • In positive economic models of the labor market, it is assumed that workers maximize utility (happiness)....

    In positive economic models of the labor market, it is assumed that workers maximize utility (happiness). firms maximize profits. resources are scarce. all of these are true. 2 points    QUESTION 13 Because of the principle of __________, marginal product of labor decreases as labor increases. economies of scale. diseconomies of scale. diminishing returns. constant returns to scale. 2 points    QUESTION 14 The unemployment rate is computed as the number of employed divided labor force. the number of unemployed...

  • The graph describes the labor market on Sandy Island. Real wage rate (dollars per hour) In...

    The graph describes the labor market on Sandy Island. Real wage rate (dollars per hour) In addition, not shown in the graph, a survey tells us that when Sandy Island is at full employment, people spend 2,000 hours a day in job search. What is the full-employment equilibrium real wage rate and quantity of labor employed? What is the natural unemployment rate? The full-employment equilibrium real wage rate is $5 an hour The full-employment equilibrium quantity of labor employed is...

ADVERTISEMENT
Free Homework Help App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT