6 A. Determine the following using diagram to answer the following questions. This assignment is about thechoices that a monopsonist firm is expected to make. A monopsonist firm is a single buyer of a set ofinputs, in this case the input is labor with athletic skills and the firm is a professional sport team1. The quantity labor employed by the firm (d....)=Explain why: Because on the last unit of labor employed2. The wage paid by the firm (w) =Explain why: Because wis3. the wage bill (or labor costs) to the firm =Wage, MFC, MRP, ARP, VMP4. explain why:5. the total revenue to the firm =Explain why$1.5m/person/vr6. the allocative ancient or socially31m personOptimal quantity =Explain whySlabarBecause on this last unit, if employed,TW1.5 m person v7. the dead weight loss =8. The "exploited value" =bat MRP-Sm/person9. Name the unnamed curves (do not abbreviate), write the entire nameMarginalab. MarginalCAverage10. State the condition that explains the followingdiminishing MRP: An economic principle called The law of diminishing MPaber [since MRP... =MPL Mabes and MRpead is assumed to be constant, if hires more of this input, and MP diminishes,then MRPer has to diminishdimizushing ARPA mathematical principle that states if the firm uses a large quantity of this andMRP ARP.. then ARP will diminishprofit maximizing (loss minimizing) quantity of labor for a firm to employ an economic principle thatstates if on the last unit of labor employed MRP MFC, the firm is employing a profit maximizingor loss minimizing quantity of laborAllocative efficient or socially optimal quantity of labor for the firm to employ: an economic principle thatstate if on the last unit of labor employed, Value of the Marginal Product of labor - w, then thequantity employed is an allocative efficient or socially optimal quantity of labor to employ11. List market reasons for wage differentials (Look them up in the lectures)Differences in amount and quality of Education of different individualsDifferences inDifferences in12 people year 24 people year 36 people yearBecause the firm paysQlabar

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A. Determine the following using diagram to answer the following questions. This assignment is about the choices that a monopsonist firm is expected to make. A monopsonist firm is a single buyer of a set of inputs, in this case the input is labor with athletic skills and the firm is a professional sport team 1. The quantity labor emploved by the firm (a)= Explain why: Because on the last unit of labor employed 2. The wage paid by the firm (w) = Explain why: Because wis 3. the wage bill (or labor costs) to the firm = Wage, MFC, MRP, ARP, VMP J 4. explain why: 5. the total revenue to the firm = Explain why $1.5m/person/yr 6. the allocative efficient or socially $1m person T Optimal quantity = Explain why Slaber Because on this last unit, if employed, 1.5 m person yr W 7. the dead weight loss = 8. The "exploited value" = but MRP-Simgerss 9. Name the unnamed curves (do not abbreviate), write the entire name Marginal a. b. Marginal C. Average 10. State the condition that explains the following diminishing MRPaber: An economic principle called The law of diminishing MP [since MRPr= MP ME and MRrodis assumed to be constant, if hires more of this input, and MP diminishes, then MRPahor has to diminish . diminishing ARP: A mathematical principle that states if the firm uses a large quantity of this input and MRP ARP then ARP will diminish profit maximizing (loss minimizing) quantity of labor for a firm to employ: an economic principle that states if on the last unit of labor employed MRP MFC, the firm is employing a profit maximizing or loss minimizing quantity of labor Allocative efficient or socially optimal quantity of labor for the firm to employ: an economic principle that state if on the last unit of labor employed, Value of the Marginal Product of labor = w, then the quantity employed is an allocative efficient or socially optimal quantity of labor to employ 11. List market reasons for wage differentials (Look them up in the lectures) a. Differences in amount and quality of Education of different individuals b. Differences in Differences in 12 people year 24 people/year 36 people year Because the firm pays Qlabar