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A coal mine operates with a production function Q = L/2, where L is the quantity of labor it employs and Q is total output. The firm is a price taker in the output market, where the price is currently 32. The firm is a monopsonist in the labor market, where the supply curve for labor is w = 4L. a) What is the monopsonist's marginal expenditure function, MEL? b) Calculate the monopsonist's optimal quantity of labor. What wage rate must the monopsonist pay to attract this quantity of labor? c) What is the deadweight loss due to monopsony in this market?
ABC company manufactures digital clock radios
A company experiencing constant returns to scale increases its labor input form 50-75 units and its capital input from 20-30 units. Its output will go up from?
suppose a firm has the following demand equationq 1000 acirc? 3000p 10awhere q quantity demandedp product price in
Calculate the profit-maximizing price/output combination for oil and gas under current conditions.
The small island of Tap, inhabited by the Tapese people, produces a single variety of corn. At the present time, each farmer produces his or her own corn, harvests it and carries it to the market for sale. On any market day in Tap, you will find m..
Consider a household with income I and two goods to choose from - square feet of housing (x1) and dollars of other consumption (x2). Assume that price of other consumption is normalized to 1, and the annual price per square foot of housing is ..
Suppose there are 100 workers in the economy in which all workers must choose to work a risky or a safe job. Worker 1's reservation price for accepting the risky job is $1; worker 2's reservation price is $2, and so on. Because of technological re..
In developing nations, young women have lower enrollment rates in secondary school than do young men. Describe several ways in which greater educational opportunities for young women could lead to faster economic growth in these countries.
descriptive epidemiology is used to evaluate trends in health and disease and to be able to make comparisons among the
1 suppose that ted wants to make use of his east-la backyard. he wants to grow up spinach. he got a bunch of baby
Calculate the marginal and average variable product of each unit of labor input. Hint: plot your Units of labor and Units of Output vertically. Calculate total, average total, average variable, and marginal costs.
you are the human resource manager for a large multistore retailer. your boss has requested that you start hiring only
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