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Assume a firm is a monopsonist that can hire its first worker for $6 but must increase the wage rate by $3 to attract each successive worker (so that the second worker must be paid $9, the third $12, and so on). The marginal revenue product of labor is given in the table below.
Units of MarginalLabor Revenue Product 0 1 $34 2 $28 3 $24 4 $20 5 $14 6 $10
Drawthe firm's labor supply and marginal resource cost curves.
a. Are the labor supply and MRC curves the same or different? If they are different, which one is higher?
b. What will be the competitiveequilibrium wage rate and the level of employment?
c. What will be the wage rate and the level of employment under monopsonistic conditions?
d. By how much does the monoposonist reduce wages below the competitive wage?
e. By how much does the monopsonist reduce employment below the competitive level?
A union organizes in one of the sectors, and it restricts supple to that sector by insisting that only those in the union are hired by firms in that sector. When the employees in this sector unionize, the supply of labor in that sector changes to..
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There are six companies in the industry. Assume their sales in the year 2006 are as follows, Determine the concentration ratio in the industry
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Wyandotte Chemical Company sells various chemicals to the automobile industry. Wyandotte currently sells 30,000 gallons of polyol per year at an average price of $15 per gallon. Fixed costs of manufacturing polyol are $90,000 per year and total va..
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