What does it mean when the provider is a monopsonist

Assignment Help Microeconomics
Reference no: EM13204287

The following is a labor supply function: Wage per hour Quantity of Nurse Supplied
$2 1
4 2
6 3
8 4
10 5
12 6
Nurses are used by the clinic to provide clinic visits. Each visit brings in $2 in revenue for the clinic. The relationship between nursing units and clinic visits is as follows:
Quantity of Nurses Total Clinic Visits
1 5
2 9
3 12
4 14
5 15

The provider is assumed to maximize profits. Determine the provider's equilibrium wage and how many nursing units it will hire. The provider is a monopsonist, which means it is the sole purchaser of labor in the market

Reference no: EM13204287

Questions Cloud

State the farmer wants to buy not more than pounds : The farmer wants to buy not more than pounds of Type A feed and not more than pounds of Type B feed. Type A feed costs him cents per pound, and Type B feed costs him cents per pound. How many pounds of each type should the farmer buy to minimize t..
How much will be supplied by the dominant salon : The marginal cost function of all the small salons together is SMCF = 4 + .1Q, and the marginal cost function of the dominant or leading salon is MCL = 7 + .1Q. (c) If the large salon forms a centralized cartel. what would be the best level of out..
Explain money to meet the cost of rent and utilities : Imagine an investor has increased your budget by $22,250. The investor does not need to be repaid. Rather, he becomes part owner of your business
Fine what is the price of each kind of ticket : It is known that 20 tickets were sold in advance and 15 the same day, for total receipts of $900 . What was the price of each kind of ticket?
What does it mean when the provider is a monopsonist : The provider is assumed to maximize profits. Determine the provider's equilibrium wage and how many nursing units it will hire. The provider is a monopsonist, which means it is the sole purchaser of labor in the market. Nurses are used by the clin..
Explain the cheetah starts towards the gazelle : A cheetah spots a gazelle 132 meters away. The cheetah starts towards the gazelle at a speed of 18 meters per second. At the same instant, the gazelle starts moving away at 11 meters per second.
Find the volume of a propane tank of cylindrical length : one on each end. The radius of the cylinder is the same as the radius of each half-sphere. What is the volume of a propane tank of cylindrical length 10 ft and radius 5 ft, correct to the nearest whole cubic foot?
Use the method of shells to compute the volume of the solid : Use the method of shells to find the volume of the solid obtained by revolving the region bounded by the given curves about the y - axis.
The corners to form the box with maximum capacity : You have a rectangular piece of cardboard that you want to fold into a box. It occurs to you that you can cut out an equal square from each corner of the rectangle, make a crease along each side and fold them up.

Reviews

Write a Review

Microeconomics Questions & Answers

  The free rider problem

Question: Explain why the free rider problem makes it difficult for perfectly competitive markets to provide the Pareto efficient level of a public good.

  Failure of the super committee is good thing for economy

Some commentators have argued that the failure of the “Super committee” is good thing for the economy?  Do you agree?

  Case study analysis about optimum resource allocation

Case study analysis about optimum resource allocation: -  Why might you suspect (even without evidence) that the economy might not be able to produce all the schools and clinics the Ministers want? What constraints are there on an economy's productio..

  Fixed cost and vairiable cost

Questions:  :   Which of the following are likely to be fixed costs and which variable costs for a chocolate factory over the course of a month?  Explain your choice.

  Problem - total cost, average cost, marginal cost

Problem - Total Cost, Average Cost, Marginal Cost: -  Complete the following table of costs for a firm.  (Note: enter the figures in the  MC   column  between  outputs of  0 and 1, 1 and 2, 2 and 3, etc.)

  Oligopoly and demand curve problem

Problem based on Oligopoly and demand curve,  Draw and explain the demand curve facing each firm, and given this demand curve, does this mean that firms in the jeans industry do or do not compete against one another?

  Impact of external costs on resource allocation

Explain the impact of external costs and external benefits on resource allocation;  Why are public goods not produced in sufficient quantities by private markets?  Which of the following are examples of public goods (or services)? Delete the incorrec..

  Shifts in demand and movements along the demand curve

Describe the differences between shifts in demand and movements along the demand curve. What are the main factors which can shift the demand curve? Explain why they cause the demand curve to shift. Use examples and draw graphs to support your discuss..

  Article review question

Article Review Question: Read the following excerpts from the article "Fruit, veg costs surge' by Todd, Dagwell, published in the Herald on January 25th 2011 and answer questions below:

  Long-term growth, international trade & globalization

Long-term Growth, International Trade & Globalization:- This question deals with concepts such as long-term growth, international trade and globalization. Questions related to trade deficit, trade surplus, gains from trade, an international trade sce..

  European monetary union (emu) in crisis

"Does the economic bailout of Spain and Greece spell the beginning of the end for the European Monetary Union (EMU)?"

  Development game “settlers of catan”

Read the rules of the game, the overview and the almanac for the Development Game "Settlers of Catan"

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd