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Buppose the supply of players is given by the equation w- 50.000 + 10.000L nhere wis wages, Lis the number of players The demand for players is given by the Marginal Revenue Produet MRP- 500.000 - 20.000L The Marginal Factor Cost to the dub is: MFC - $50.000 + 25,000L Under a monopsony, what is the amount of player exploitation (PE)? (Hint find wage and RP, then use the fomula in the lecture slides to find PE) O O% O 10% O 15% O 25% O SON Question 12 Suppose the supply of players is given by the equation w- 50.000 + 10,000L where w is wages. Lis the number of players The demand for players is given by the Marginal Revenue Product MRP - 500,000 - 20,000L The Marginal Factor Cost to the dub is:

Buppose the supply of players is given by the equation w- 50.000 + 10.000L nhere wis wages, Lis the number of players The demand for players is given by the Marginal Revenue Produet MRP- 500.000 - 20.000L The Marginal Factor Cost to the dub is: MFC - $50.000 + 25,000L Under a monopsony, what is the amount of player exploitation (PE)? (Hint find wage and RP, then use the fomula in the lecture slides to find PE) O O% O 10% O 15% O 25% O SON Question 12 Suppose the supply of players is given by the equation w- 50.000 + 10,000L where w is wages. Lis the number of players The demand for players is given by the Marginal Revenue Product MRP - 500,000 - 20,000L The Marginal Factor Cost to the dub is:

ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
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Suppose the supply of players is given by the equation w = 50,000 + 10,000L where w is wages, Lis the number of players The demand for players is given by the Marginal Revenue Product: MRP = 500,000 - 20,000L The Marginal Factor Cost to the club is MFC = $50.000 + 25.000L Under a monopsony, what is the amount of player exploitation (PE)? (Hint: find wage and MRP, then use the formula in the lecture slides to find PE) O 0% O 10% O 15% O 25% O 50% Question 12 Suppose the supply of players is given by the equation w = 50,000 + 10,000L where w is wages, Lis the number of players The demand for players is given by the Marginal Revenue Product: MRP = 500,000 - 20,000L The Marginal Factor Cost to the club is MFC = $50,000 + 25,000L We find that in a monopsonic labor market, the number of players employed is than in a perfectly competitive market, and the wage is compared to the wage in a perfectly competitive market. O higher, higher O lower, lower O equal, lower O lower, higher O higher, lower
Transcribed Image Text:Suppose the supply of players is given by the equation w = 50,000 + 10,000L where w is wages, Lis the number of players The demand for players is given by the Marginal Revenue Product: MRP = 500,000 - 20,000L The Marginal Factor Cost to the club is MFC = $50.000 + 25.000L Under a monopsony, what is the amount of player exploitation (PE)? (Hint: find wage and MRP, then use the formula in the lecture slides to find PE) O 0% O 10% O 15% O 25% O 50% Question 12 Suppose the supply of players is given by the equation w = 50,000 + 10,000L where w is wages, Lis the number of players The demand for players is given by the Marginal Revenue Product: MRP = 500,000 - 20,000L The Marginal Factor Cost to the club is MFC = $50,000 + 25,000L We find that in a monopsonic labor market, the number of players employed is than in a perfectly competitive market, and the wage is compared to the wage in a perfectly competitive market. O higher, higher O lower, lower O equal, lower O lower, higher O higher, lower
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