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You are the manager of a business that operates as a Monopolist in the output market, and it is a Monopsonist in the local labour market. The production function of the business is given by: Q = ?L As a Monopolist, the firm faces a market demand given by: P = α - βQ As a Monopsonist the firm faces a supply of labour given by the expression: w = µL
a) Calculate the equilibrium number of units of labour employed in short run.
b) Briefly discuss the advantages for a firm of being a Monopolist in the output Market and a Monopsonist in the Labour Market.
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