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Calculate the equilibrium number of units of labour

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Reference no: EM132492606

You are the manager of a business that operates as a Monopolist in the output market, and it has perfect competition in the local labour market.

The production function of the business is given by: Q = 10L.

As a Monopolist, the firm faces a market demand given by: P = 10,000 - 2Q.

The wage rate in the labour market is $10

a) Calculate the equilibrium number of units of labour employed in short run.

b) What is the advantage of being a Monopolist for a firm?

Reference no: EM132492606

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