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- How does monopsony affect the equilibrium wage and employment levels?Consider a monopsonist that hires 4.28 units of labor at a wage of 19.26. If the marginal value placed on the last worker hired is 41.22 a.) what is the elasticity of labor supply for this monopsonist?Solve for and fill in the missing portions of the following table to derive the monopsonist's derived demand curve for labor and answer the following questions: Total Physical Marginal Physical Product Number of Marginal Revenue Price Workers Product Product 246 9,557.10 32.70 32.70 247 32.65 1 248 9,622.35 32.60 32.60 249 9,654.90 1 32.55 250 32.50 1 32.50 251 9,719.85 32.45 1 252 9,752.25 32.40 1 32.40 253 9,784.60 1 32.35 32.30 1 32.30 254 9,816.90 Question: What is the total physical product when the firm hires the 247th worker, and what is the marginal revenue product from hiring the 247th worker?
- he.3Solve for and fill in the missing portions of the following table to derive the monopsonist's derived demand curve for labor and answer the following question: Number of Total Physical Marginal Physical Product Marginal Revenue Workers Product Price Product 246 9,557.10 32.70 1 32.70 247 9,589.75 32.65 1 32.65 248 9,622.35 32.60 1 32.60 249 9,654.90 32.55 1 32.55 250 9,687.40 32.50 1 32.50 251 9,719.85 32.45 1 32.45 252 9,752.25 32.40 1 32.40 253 9,784.60 1 32.35 254 9,816.90 32.30 1 32.30 Question: What is the marginal revenue from hiring the 253rd worker? $32.40 $32.30 $32.35Suppose that the supply and marginal revenue product of labour curves faced by a monopsonist are as follows: Supply with Min Wage MC Units of Labour (N) Supply MRPN MC with Min Wage 1 5.00 8.00 2 5.20 7.50 5.45 7.00 5.70 6.45 5 6.00 6.05 6. 6.30 6.65 5.50 7 4.90 7.00 4.00 a) Maintain the assumption that firms can not price discriminate in the input market and fill in the firm's Marginal Cost (MC) table. b) How many workers will the monoposonist hire and what would the wage be? How many workers would have been hired and at what wage if this were a perfectly competitive market? c) Suppose now the province introduces a new minimum wage policy which sets the minimum wage at $6. Fill in the monopsonist's supply and marginal cost tables with the minimum wage. d) What will happen to the number of workers hired with the introduction of this minimum wage?
- Question 14 For a monopsonist, the marginal factor cost is always: equal to the wage rate. less than the wage rate. greater than the wage rate the same as the labor supply. the same as the labor demand. Question 17 A monopsonist will hire more workers than will be hired in a competitive labor market. True False Question 19 Which of the following statements is true about monopsony? c and e. c, d, and e. Monopsonists exercise complete buying power. Monopsonists maximize profit by setting MRP = MFC. Monopsonists face the whole labor supply curve Question 20 A decrease in the price of the output will decrease the firm's demand for labor. True FalseThe following table provides information about labor supply and the marginal revenue product of labor for a profit-maximizing monopsonist. Marginal Revenue Wage Labor Supply Product of Labor 4567∞ a 18 36 19 33 20 30 21 27 8 22 24 9 23 21 10 13 223 24 18 11 25 15 12 26 12 27 9 14 28 6 15 29 3 Calculate the marginal cost of labor at each level of employment. What is the marginal cost of hiring the 25th worker?Suppose that the supply and marginal revenue product of labour curves faced by a monopsonist are as follows: Supply with Min Wage Units of Labour Supply MRPN MC MC with Min Wage (N) 1 5.00 8.00 5.20 7.50 3 5.45 7.00 4 5.70 6.45 6.00 6.05 6. 6.30 5.50 7 6.65 4.90 7.00 4.00 a) Maintain the assumption that firms can not price discriminate in the input market and fill in the firm's Marginal Cost (MC) table. b) How many workers will the monoposonist hire and what would the wage be? How many workers would have been hired and at what wage if this were a perfectly competitive market? c) Suppose now the province introduces a new minimum wage policy which sets the minimum wage at $6. Fill in the monopsonist's supply and marginal cost tables with the minimum wage. d) What will happen to the number of workers hired with the introduction of this minimum wage?
- The more elastic the labour supply is, the smaller the wage paid by a monopsonist. True FalseA monopsonist's demand for labor can be written as VMPE = 40 – 0.005ED. Labor is supplied to the firm according to w = 5 + 0.01ES. Thus, the firm's marginal cost of hiring workers when it hires off of this supply schedule is MCE = 5 + 0.02ES. A. How much labor does the monopsony firm hire and at what wage when there is no minimum wage? B. How much labor does the monopsony firm hire and at what wage when it must pay a minimum wage of $25?Explain the difference between competitive and monopsonistic labor markets. How does the monopsonistic firm optimize its choice of optimal labor? [Hint: explain with diagrams]
