The labour supply function faced by a business operating under monopsony in the labour market and in perfect competition in the goods and services market is as follows Ls = 10+0,5L. The production function of the firm is Q = L2-16L. What is the wage level that the firm will pay to the workers when the firm sells its goods for 5 dollar in the market?

Q: Consider a fishery with the following production function where L is the number of fishermen and TP…

A: A profit-maximizing firm will produce the output up to a level where the marginal revenue is equal…

Q: B. Consider a firm who sells output at p=10 and has a short run production function Q(L)=20L-L². Its…

A:

Q: Consider a firm which produces q units of output using L units of labour and whose market demand for…

A: As per the question, L*=57-w14p           if w14p<57 and L*=0, otherwise p=57 Assume q denote…

Q: Hand written solutions are strictly prohibited

A: The objective of the question is to solve the cost minimization problem for a firm that produces…

Q: A firm operates in a perfectly competitive output market and a perfectly competitive input market.…

A: f(N,K) = 4N1/2 K1/3 Differentiate f(N,K) w.r.t N to get MPN => MPN = df(N,K) / dN => MPN = 4…

Q: What factors that determine demand for labour by the firm?

A: Labor market equilibrium occurs at the intersection of labor demand and labor supply curve. The…

Q: 2. Consider a representative firm that aims at maximizing its profit by choosing the real wage (w),…

A: A profit function, in basic terms, is a mathematical expression revealing a business's profit by…

Q: 2. Suppose the firm is producing using q = f(KL) = (3/2)K^(1/3) L^(2/3) where q = a firm's output, K…

A: MRTS is rate at which one factor of production is decreased in order to maintain the same level of…

Q: Question 1 Suppose that a firm produces output with capital and labor. Suppose that the production…

A: Given information Production function Q=K^1/4*L^1/4 W=1 r=1

Q: Suppose a price-taking profit-maximising firm produces output in the short run using only labour as…

A: First order condition says that differentiation of profit with respect to L is zero.Second order…

Q: Suppose that a firm is producing in the short run with output given by: Q = 67L - L2 The firm…

A: For optimal use of labor, a firm will equate value of marginal product (VMPL) to the wages.…

Q: Suppose that a firm is producing in the short run with output given by: Q=86L-L² The firm hires…

A: Perfect competition is a unique form of the marketplace that permits numerous firms to sell a…

Q: 5. Suppose a firm's production function is y = 40K025 The price for K is r. %3D a) Derive the factor…

A:

Q: The following table shows the relationship between workers and output for a factory in the short…

A: The objective of the question is to calculate the Marginal Revenue Product of Labor (MRPL) for the…

Q: Suppose that the production function of a salmon farming firm is given by F(L) = 4*root(L) and it…

A: Production is the process of using inputs (the factors of production) to make useful output.…

Q: A firm has the production function Q 20K02108, where Q measures output, K represents machine hours,…

A: A production function specifies how much output may be generated from a given set of inputs such as…

Q: Suppose that a firm is producing in the short run with output given by:  Q = 73L - L2 The firm hires…

A: The marginal productivity(MP) of labor(L) gives additional units output(Q) produced by an additional…

Q: Suppose the marginal product of labor equals 1/L. If the wage is $15 per unit of labor, what is the…

A: Marginal Product of Labor (MPL): - it is the change in total production due to the employment of an…

Q: Consider a firm who sells output at p=10 and has a short run production function Q(L)=20L-L2. Its…

A: In this situation we have:- Q(L)=20L-L2 MPL=∂QL∂L=20-2L and  VMPL=P×MPL=wor 1020-2L=wor 200-20L=w…

Q: A firm has a production function Q in function of K and L that can be written as follows: Q = 2/K/L…

A: Here, we have Production function,  Q=2KL or Q=2K0.5L0.5 Rental rate of a unit of capital is given…

Q: Suppose a certain firm is able to produce 125 units of output per day when 19 workers are hired. The…

A: The objective of the question is to calculate the marginal product of the 20th worker. The marginal…

Q: Complete the following table by indicating whether each point represents output combinations that…

A: Production Possibility Frontier represents the different combination of goods that the firm can…

Q: Central Manufacturing Company is the only manufacturing facility in a small remote town, and Central…

A: In economics, a monopsony refers to a market structure where there is only one buyer for a good or…

Q: A firm's short run revenue function is given by R = 8e – ¾ e^2 , and its profit function is given by…

A: Revenue is defined as the amount which is received from selling a good or a service.  Profit is…

Q: FInd the profit maximizing levels of K and L as functions of r,w, and p. b) Suppose that r = w= $1…

A: Profit maximization is the process that helps to regulate the prices, input, and output level of the…

Q: A firm produces good Q using inputs Land K, with a production function Q = 0.4LK. Assume K is fixed…

A: Approach to solving the question: Detailed explanation:To determine the firm's conditional factor…

Q: The inverse labour demand curve of a monopsonist employer is W = 42,500 – 118L, where Wis the annual…

A: We labour supply and labour demand function and competition is monopsnist.

Q: 4- A noncompetitive firm with the production function Q=0.5-√ī faces the following demand function…

A: Profit refers to the revenue that a firm or seller of a good or service earns over and above what it…

Q: A competitive firm produces output given by the production function Q = L0.25 K0.25, whereL and K…

A: Given:Q = L0.25K0.25C = 2L + 4KPrice = 4PHP

Q: Assume a monopsony uses only one factor, i.e. labor, L, to produce a final good, Q, which is sold in…

A: Monopsony refers to the market structure where only a single buyer exists in the market. Monopsony…

Q: Suppose that the Ebay warehouse behaves as a monopsonist in the local labor market. Assume that its…

A: A monopsonist is a single buyer of labor in the labor market. Being the single seller, it has the…

Q: Consider the labour market for farms during the harvest season. Assume the market is perfectly…

A: Disclaimer: Since you asked multi part question we are solving only first 3 subparts as per…

Q: Suppose that a firm is producing in the short run with output given by: Q=64L-L² The firm hires…

A: Answer; The firm should optimally use 31.44 units of labor.

Q: Suppose a firm has the following expenditures per day: $250 for wages and salaries, $50 for…

A: The total cost of production refers to the market value of inputs used by the firm in its production…

Q: The Southern Mail produces local newspapers. The company can rent its equipment and hire workers at…

A: Given information: Q = 2L0.5 + 3 K0.5  -----------> Production function MPL = (1/L0.5) MPK =…

Q: please help

A: Marginal Product:Marginal product refers to the change in output due to the change in inputs.…

Q: Assume a firm is trying to produce q0 units of output at the lowest total cost. The wage decreases,…

A: Cost minimizing input combination is where isocost line is tangent to isoquant curve.

Q: Suppose that a firm is producing in the short run with output given by:  Q = 64L - L2 The firm hires…

A: Marginal product of labor refers to additional output that obtained by increasing one more unit of…

Q: 5. Suppose a fim's production function is y = 40K0.25 The price for K is r. %3D a) Derive the factor…

A: The production function is that function, which shows the relationship between factors of production…

Q: uppose that a firm is producing in the short run with output given by: = 58L-L2 he firm hires labor…

A: Optimal Labor is determined in light of similar standards as anticipated labor aside from it is…

Q: Question One a.    The Mature Corporation produces yo-yos at its factory. Both its labor and capital…

A: Since you have posted a question with multiple sub-parts, we will provide the solution only to the…

Q: Refer to the table below, which shows the relationship between labour and output for a perfectly…

A: Marginal cost (MC): - it is the additional cost incurred due to the production of additional units…

Q: You are a labor economist trying to evaluate whether the labor market for computer scientists is…

A: One of the major inputs used in the production process is labor. Labor helps to convert the raw…

Q: What is the price elasticity of demand given P = $4 and Qa = 1500 – P2

A: Demand equation Q = 1500 - P2 Put P = 4 => Q = 1500 - (4)2 => Q = 1500 - 16 => Q = 1484 So,…

Q: The following diagram provides the demand for labour (D₁) of a remote gold mine, and the local…

A: Labor demand function refers to the willingness of firms or employers to employ workers at different…

Q: function Q(L)=20L-L2. Its wage rate function is w=40+2.5L

A: *Answer: