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Principles of Economics 2e

2nd Edition
Steven A. Greenlaw; David Shapiro
ISBN: 9781947172364

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BuyFindarrow_forward

Principles of Economics 2e

2nd Edition
Steven A. Greenlaw; David Shapiro
ISBN: 9781947172364
Textbook Problem

Table 14.13 shows information from the supply curve for labor for a monopsonist, that is, the wage rate required at each level of employment.

Chapter 14, Problem 8SCQ, Table 14.13 shows information from the supply curve for labor for a monopsonist, that is, the wage , example  1

a. What is the monopsonist’s marginal cost of labor at each level of employment?

b. If each unit of labor’s marginal revenue product is Chapter 14, Problem 8SCQ, Table 14.13 shows information from the supply curve for labor for a monopsonist, that is, the wage , example  2 what is the firm’s profit maximizing level of employment and wage?

a)

To determine

The marginal cost of labor in case of monopoly at each level of employment is to be determined.

Explanation
    LaborWageTotal cost of laborMC of laborMRPL
    111(1-0) = 113
    236(6-1) = 513

b)

To determine

The profit maximizing level of employment and wage is to be determined.

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