SuperTutor

(15)

$15/per page/Negotiable

About SuperTutor

Levels Tought:
Elementary,Middle School,High School,College,University,PHD

Expertise:
Accounting,Business & Finance See all
Accounting,Business & Finance,Economics,Engineering,HR Management,Math Hide all
Teaching Since: Apr 2017
Last Sign in: 364 Weeks Ago, 4 Days Ago
Questions Answered: 12843
Tutorials Posted: 12834

Education

  • MBA, Ph.D in Management
    Harvard university
    Feb-1997 - Aug-2003

Experience

  • Professor
    Strayer University
    Jan-2007 - Present

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

-----------

Attachments

file 1496647074-Solutions file.docx preview (51 words )
S-----------olu-----------tio-----------ns -----------fil-----------e -----------Hel-----------lo -----------Sir-----------/Ma-----------dam----------- T-----------han-----------k y-----------ou -----------for----------- yo-----------ur -----------int-----------ere-----------st -----------and----------- bu-----------yin-----------g m-----------y p-----------ost-----------ed -----------sol-----------uti-----------on.----------- Pl-----------eas-----------e p-----------ing----------- me----------- on----------- ch-----------at -----------I a-----------m o-----------nli-----------ne -----------or -----------inb-----------ox -----------me -----------a m-----------ess-----------age----------- I -----------wil-----------l b-----------e q-----------uic-----------kly----------- on-----------lin-----------e a-----------nd -----------giv-----------e y-----------ou -----------exa-----------ct -----------fil-----------e a-----------nd -----------the----------- sa-----------me -----------fil-----------e i-----------s a-----------lso----------- se-----------nt -----------to -----------you-----------r e-----------mai-----------l t-----------hat----------- is----------- re-----------gis-----------ter-----------ed -----------onÂ----------- th-----------is -----------web-----------sit-----------e -----------Tha-----------nk -----------you----------- -----------
Not Rated(0)