Explain labor supply function

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Reference no: EM13176874

The following is a labor supply function:

Wage per hour Quantity of Nurses Supplied

$2 1

4 2

6 3

8 4

10 5

12 6

Nurses are used by the clinic to provide clinic visits. Each visit brings $2 in avenue for the clinic. The relationship between nursing units and clinic visits is as follows:

Quantity of nurses Total clinic visits

1 5

2 9

3 12

4 14

5 15

The provider is assumed to maximize profits. Determine the provider's equilibrium wage and how many nursing units it will hire. The provider is a monopsonist, which means it is the sole purchaser of labor in the market.

Reference no: EM13176874

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