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A coal mine operates with a production function Q = L/2, where L is the quantity of labor it employs and Q is total output. The firm is a price taker in the output market, where the price is currently 32. The firm is a monopsonist in the labor market, where the supply curve for labor is w = 4L. a) What is the monopsonist's marginal expenditure function, MEL? b) Calculate the monopsonist's optimal quantity of labor. What wage rate must the monopsonist pay to attract this quantity of labor? c) What is the deadweight loss due to monopsony in this market?
When thinking about the theory of the firm, shirking, and principle-agent problems, we can find analogous situations in our personal lives. Make a Power Point presentation (for sharing with the class) two personal situations to illuminate this con..
suppose you are a painter and the price of a gallon of paint increases from 3.00 a gallon to 3.50 a gallon. your usage
explain how a firm in a competitive market identifies the profit-maximizing level of production. when should the firm
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which of the following is true regarding a banks capital-asset ratio?ahigh capital-asset ratios are desirable as they
Suppose you own the home remodeling company. You're currently earning short-run profits. The home remodeling industry is the increasing-cost industry. In long run, what do you expect will take place to
A monopolist with a straight-line demand curve finds that it can sell one unit at $7 each or seven units at $1 each. Its marginal cost is constant at $6 per unit.
The U.S. Bureau of Economic Statistics reports
patricia is researching venues for a restaurant business. she is evaluating three major attributes that she considers
A channel of distribution: A) is any series of firms or individuals who participate in the flow of goods and services from producer to consumer or final user. B) is only needed when products must be stored. C) must include one or more intermediarie..
A doctor earns $250,000 per year, while a professor earns $40,000. They play tennis against each other each Saturday morning, each giving up a morning of relaxing, reading the paper, and playing with their children. They could each decide to work ..
The government dislikes smoking, and likes tax revenue. If they wanted to increase the after-tax price to $10 per pack, what size of excise tax must be placed on sellers? How much revenue will it raise? What will be the Deadweight Loss?
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