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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?
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What assumption has been made about real output growth if this data describe the medium run?
suppose david spends his income i on two goods x and y whose market prices are px and py respectively. his preferences
5 150 300 6 150 390 Refer to the above data. If the product price is $95 at its optimal output, will the firm realize an economic profit, break even, or incur an economic loss How much will the profit or loss be Show all ca..
suppose the inverse demand for a product is q ?p12 10.write the expression for the demand curve i.e. p fq.what kind
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