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Assignment:
Widget factory Inc. in Wisconsin has the following production function:
F(L,K) = 2L1/2 K1/2
L represent the number of labour hours. Workers at this factory are paid an hourly wage of $30 and they rent capital at $25/hour. Since this is a competitive market, the factory output the factory gets per is output is $50 per unit.
Let's pretend the firm operates in the short run with capital fixed at 900, how many factory workers would Widget Factory Inc employ? What is their profit rate?
A. Draw a graph to represent the optimal hiring decision of the Halifax Regional School Board (a monopsonist).
This is a conceptual problem where you must draw and clearly label your axes to earn maximum points.
Show the HRBS's optimal wage and employment level too.
B. Now using the same graph or a neatly reproduced version of A - show what you would be the wage and employment level in perfect competition. If you believe monopsony generates a deadweight loss, don't forget to highlight this area in your graph. Lastly, what would be the effects of a minimum wage on HRSB's employment and wage level?
Question: Explain why the free rider problem makes it difficult for perfectly competitive markets to provide the Pareto efficient level of a public good.
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Read the rules of the game, the overview and the almanac for the Development Game "Settlers of Catan"
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