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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?
Each month, an airline sells 1,500 business-class tickets from London to Paris at $200 a ticket, and 6,000 economy-class tickets at $80 a ticket. Use this information to estimate the price elasticities of demand of business travelers and tourists ..
What are the five types of analytical procedures?
Find the price elasticity of demand (at every price range) for the demand given below. Characterize the demand as elastic/inelastic/unit elastic at each one of these price ranges. P Qd 120 80 100 72 80 65 60 60
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Are any intermediate goods counted in gross investment?
‘‘If the government can increase the exigency of human capital accumulation, it could persistently raise the rate of economic growth in the endogenous growth model.'' True or false? Explain your answer.
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man wants to help provide college education for his daughter. He can afford to invest $600/yr for the next 4 years, beginning on the girl's 4th birthday, he wishes to give his daughter $4000 on her 18th 19th 20th and 21th birthdays, for a total of..
BBC Rentals Inc. owns a large apartment complex containing 400 identical apartments. If the monthly rent for each apartment is $800 all the apartments are rented. However, for each $60 monthly increase in rent 3 apartments become vacant. Find an e..
How does overshooting help to resolve the empirical behavior of exchange rates in the short run versus the long run?
Has the wealth of the consumer increased? Alternatively, the government levies a tax of $1,000 on the consumer and promises to pay a pension. Has the wealth of the consumer decreased?
The projects start to pay off in year 1 and continue to pay off all years thereafter. Interest is paid in perpetuity, in year 1 and every year thereafter. In addition, assume that if the projects are not done, then GDP=Q=C=$200 in all years, so th..
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