Fig. AFig. C250200$150100500250200150$10050000VMP=MRPLS-MFC10MRPLS=MFC1020VMP203030240405050HLFig. BFig. D250200150100500250200150100500$0$010VMP=MRPMRP1020VMP2046. Which of the graphs above portrays a firm that buys labor as a monopsonist but sells its product in a perfectly competitive market?O(a) fig. A(b) fig. BO (c) fig. CO (d) fig. A and fig. CO(e) fig. B and Fig. D.30 403040LS50LS50MFCMFC

The value of the marginal product of labor (VMP) measures the value generated by each additional…

46. Which of the graphs above portrays a firm that buys labor as a monopsonist but sells its product in a perfectly competitive market? O(a) fig. A (b) fig. B O (c) fig. C O (d) fig. A and fig. C O (e) fig. B and Fig. D.

46. Which of the graphs above portrays a firm that buys labor as a monopsonist but sells its product in a perfectly competitive market? O(a) fig. A (b) fig. B O (c) fig. C O (d) fig. A and fig. C O (e) fig. B and Fig. D.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

Fig. A
Fig. C
250
200
$
150
100
50
0
250
200
150
$
100
50
0
0
0
VMP=MRP
LS-MFC
10
MRP
LS=MFC
10
20
VMP
20
30
30
2
40
40
50
50
HL
Fig. B
Fig. D
250
200
150
100
50
0
250
200
150
100
50
0
$
0
$
0
10
VMP=MRP
MRP
10
20
VMP
20
46. Which of the graphs above portrays a firm that buys labor as a monopsonist but sells its product in a perfectly competitive market?
O(a) fig. A
(b) fig. B
O (c) fig. C
O (d) fig. A and fig. C
O(e) fig. B and Fig. D.
30 40
30
40
LS
50
LS
50
MFC
MFC

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Q13 Tha use of cannabis was legalized in Canada in 2017. Let's assume that the cannabis in Canada sector perfectly competitive. Assume labour is the only variable input and that an additional input of labour increases total output from 5 to 12 ounces of cannabis. If cannabis sells for $10 per ounce in a perfectly competitive market, the MRP of this additional worker is Multiple Choice $7. can be either positive or negative. $120. $70. $10.
Use the following schedule for a perfectly competitive resource market to answer the 4 questions that follow: # of workers Total output Product Price 0 0 $3 1 16 $3 2 26 $3 3 34 $3 4 40 $3 5 44 $3 At a wage rate of $11, how many workers would this Firm elect to employ? At a wage rate of $23, how many workers would this Firm elect to employ? How many MORE workers will the Firm hire when the wage rate is $15 instead of $30? If the product price increases from $3 to $4, then at a wage rate of $15, how many workers will this Firm employ?
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