Solve for and fill in the missing portions of the following table to derive the monopsonist's deriveddemand curve for labor and answer the following question:Number ofTotal PhysicalMarginalPhysical ProductMarginal RevenueWorkersProductPriceProduct2469,557.1032.70132.702479,589.7532.65132.652489,622.3532.60132.602499,654.9032.55132.552509,687.4032.50132.502519,719.8532.45132.452529,752.2532.40132.402539,784.60132.352549,816.9032.30132.30Question:What is the marginal revenue from hiring the 253rd worker?$32.40$32.30$32.35

Marginal physical product refers to the change in the level of output due to a change in the level…

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 question: Number of Total Physical Marginal Price Workers Marginal Revenue Product Product Physical 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 32.50 251 9,719.85 32.45 32.45 252 9,752.25 32.40 32.40 253 9,784.60 32.35 254 9,816.90 32.30 1 32.30 Question: What is the marginal revenue from hiring the 253rd worker? ( 1 1 1 1

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 question: Number of Total Physical Marginal Price Workers Marginal Revenue Product Product Physical 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 32.50 251 9,719.85 32.45 32.45 252 9,752.25 32.40 32.40 253 9,784.60 32.35 254 9,816.90 32.30 1 32.30 Question: What is the marginal revenue from hiring the 253rd worker? ( 1 1 1 1

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Suppose the market supply is given by L=2.8w. Assume the product market is competitive and the product price is p=$12. Also suppose MPL=8.6-0.8L and that the firm has monopsony power. A.Graph the marginal revenue product of labour. The slope of this curve is equal to The vertical intercept of this curve is equal to .Write the formula for the inverse supply of labour and graph the supply curve. The slope of this supply curve is B. For this firm, the fully simplified formula for marginal cost is MC₁ = __ L (Enter the value which completes the formula. Do not enter the variable, it has been given) Illustrate this market graphically, including accurate numbers for slopes and intercepts. Write the condition which the monopsonist's optimal choice of labour must satisfy. This monopsonist will choose employment level . At this employment level, the firm will offer the wage $ , and the value marginal product of labour is $ The average cost of labour for this monopsonist is $ and the firm's…
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