What is the price of leisure for the players

Reference no: EM13190798

Create an inverse derived demand of labor of w = 11 - 2L, The inverse supply of labor is w = 0 +2L.

a) Assume the players and the teams are competitive in the labor market. Find the equilibrium wage and quantity of labor.

b) Assume the players are monopolists, but the teams are competitive in the labor market. Calculate the marginal revenue product of labor (MRPL) and find the equilibrium wage and quantity of labor.

c) Assume the players are competitive, but the teams are monopsonists in the labor market. Calculate the marginal factor cost of labor (MFCL) and find the equilibrium wage and quantity of labor.

d) Assume the players are monopolists, and the teams are monopsonists in the labor market. Here the solution is indeterminate and must be decided by bargaining between the teams and the players. What do you think will be the result? Why?

e) In part c) what is the price of leisure for the players? Explain.

Reference no: EM13190798

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