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Category > Economics Posted 05 Jun 2017 My Price 6.00

supply curve for the labour

Suppose that the supply curve for the labour to a firm is given by L = 100w

and the marginal expense of labour curve is given by MEL =L/50

where w is the market wage. Suppose also that the firms demand for labour (marginal revenue product) curve is given by

MRPL = 10 - 0.01L

 

a) If the firm acts as a monopsonist, how many workers will it hire in order to maximise profits? What wage will it pay? How will this wage compare to the MRPL at this employment level?

 

b) Assume now that the firm must hire its workers in a perfectly competitive labour market, but it still acts a a monopoly when selling its output. How many workers will the firm hire now? What wage will it pay?

 

c) Graph your results

Answers

SuperTutor
(15)
Status NEW Posted 05 Jun 2017 07:06 AM My Price 6.00

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