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Click to see additional instructions Graph values can be estimated to the nearest 5 units when necessary. A, The equation (in fully simplified form) for the labour supply curve of this firm is L-a+bw where a= and b= .Assuming perfect competition in the product market, the equation for the firm's value marginal product of labour is MRPL= c + dL where c= and d= The equation for the firm's marginal cost of labour is MCL=e+fL where e= and f= If the firm's marginal product of labour is 10 - 0.1L and the product market is perfectly competitive, then the product price must be $ B. This monopsonist will hire LM= labour units and pay workers the wage WM=$ This will give the firm total profit $ The firm's surplus area is equal to $ and the workers' surplus area is equal to $ This monopsonist creates vacancies. C. If the union were to impose a wage of $ the firm will not employ any workers. For what range of wages will wage-raising increase the employment level? Decrease the employment level? For what range of wages will wage-raising lead to higher employment levels than the monopsony outcome? Which wages would be worse for workers than accepting the monopsony outcome?

Click to see additional instructions Graph values can be estimated to the nearest 5 units when necessary. A, The equation (in fully simplified form) for the labour supply curve of this firm is L-a+bw where a= and b= .Assuming perfect competition in the product market, the equation for the firm's value marginal product of labour is MRPL= c + dL where c= and d= The equation for the firm's marginal cost of labour is MCL=e+fL where e= and f= If the firm's marginal product of labour is 10 - 0.1L and the product market is perfectly competitive, then the product price must be $ B. This monopsonist will hire LM= labour units and pay workers the wage WM=$ This will give the firm total profit $ The firm's surplus area is equal to $ and the workers' surplus area is equal to $ This monopsonist creates vacancies. C. If the union were to impose a wage of $ the firm will not employ any workers. For what range of wages will wage-raising increase the employment level? Decrease the employment level? For what range of wages will wage-raising lead to higher employment levels than the monopsony outcome? Which wages would be worse for workers than accepting the monopsony outcome?

College Algebra (MindTap Course List)
College Algebra (MindTap Course List)
12th Edition
ISBN:9781305652231
Author:R. David Gustafson, Jeff Hughes
Publisher:R. David Gustafson, Jeff Hughes
Chapter8: Sequences, Series, And Probability
Section8.CR: Chapter Review
Problem 26E
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110 T W MCL 100 90 80 70 60 Ls 50 40 30 20 MRPL 10 10 20 30 40 50 60 70 80 90 100 110 L
Transcribed Image Text:110 T W MCL 100 90 80 70 60 Ls 50 40 30 20 MRPL 10 10 20 30 40 50 60 70 80 90 100 110 L
Click to see additional instructions Graph values can be estimated to the nearest 5 units when necessary. A, The equation (in fully simplified form) for the labour supply curve of this firm is L=a+bw where a= and b= Assuming perfect competition in the product market, the equation for the firm's value marginal product of labour is MRPL= c + dL where c= and d= The equation for the firm's marginal cost of labour is MCL=e+fL where e= and f= If the firm's marginal product of labour is 10 - 0.1L and the product market is perfectly competitive, then the product price must be $ B. This monopsonist will hire LM= labour units and pay workers the wage WM=$ This will give the firm total profit $ The firm's surplus area is equal to $ and the workers' surplus area is equal to $ This monopsonist creates vacancies. C. If the union were to impose a wage of $ the firm will not employ any workers. For what range of wages will wage-raising increase the employment level? Decrease the employment level? For what range of wages will wage-raising lead to higher employment levels than the monopsony outcome? Which wages would be worse for workers than accepting the monopsony outcome?
Transcribed Image Text:Click to see additional instructions Graph values can be estimated to the nearest 5 units when necessary. A, The equation (in fully simplified form) for the labour supply curve of this firm is L=a+bw where a= and b= Assuming perfect competition in the product market, the equation for the firm's value marginal product of labour is MRPL= c + dL where c= and d= The equation for the firm's marginal cost of labour is MCL=e+fL where e= and f= If the firm's marginal product of labour is 10 - 0.1L and the product market is perfectly competitive, then the product price must be $ B. This monopsonist will hire LM= labour units and pay workers the wage WM=$ This will give the firm total profit $ The firm's surplus area is equal to $ and the workers' surplus area is equal to $ This monopsonist creates vacancies. C. If the union were to impose a wage of $ the firm will not employ any workers. For what range of wages will wage-raising increase the employment level? Decrease the employment level? For what range of wages will wage-raising lead to higher employment levels than the monopsony outcome? Which wages would be worse for workers than accepting the monopsony outcome?
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