Consider a firm that is a monopolist in its output market and a monopsonist in the market for labour, the only input. The elasticity of demand for a firms good is -2 and the elasticity of supply for labor 4. At the Monopoly-Monopsonist outcome, the consumers willingness-to-pay for additional output exceeds how much you need to pay a worker for the extra time to produce the extra output by what percent?

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Q: Hi expert Hand written solution is not allowed.

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A: elasticity of demand = -2 elasticity of supply = 4