Walmart employs the majority of people in small rural town. It's demand for labor is given by QD=100-2P. The supply of labor is given by Qs=3P. If the labor market functioned as a competitive market, the wage rate (the price of labor) would be people would be employed, and the producer surplus would be Because Walmart faces little competition for workers, it decides to offer the wage that maximizes consumer surplus (the monopsonist price). This wage is which results in being employed. The producer surplus is now -. Note: don't worry if the number of workers is not an integer.

Walmart employs the majority of people in small rural town. It's demand for labor is given by QD=100-2P. The supply of labor is given by Qs=3P. If the labor market functioned as a competitive market, the wage rate (the price of labor) would be people would be employed, and the producer surplus would be Because Walmart faces little competition for workers, it decides to offer the wage that maximizes consumer surplus (the monopsonist price). This wage is which results in being employed. The producer surplus is now -. Note: don't worry if the number of workers is not an integer.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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