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A monopsonist faces a labor supply curve given by LS = −300 + 0.01w , where w is the annual salary.
a. What is the lowest salary the firm can pay yet still induce one worker to want to work for the firm? What is lowest salary the firm must pay to induce two workers to work for the firm?
b. What is the marginal cost to the firm of adding a second worker given that it must pay all employees the same wage? Is this greater than, less than, or equal to the wage paid to each of the two workers?
c. In general, the marginal cost of hiring additional labor for this firm is given by MW C = 29, 900 + 200L. If the firm’s labor demand curve is given by LD = 398 − 0.01w, what is the profit-maximizing number of workers the monopsonist should hire? What is the salary the workers will be paid?
Create two separate graphs that show current changes in equilibrium interest rates using the MD and MS curves. Describe the following: The Fed's actions to fight recession, The Fed's actions to lower inflation
Firm A would hire 20,000 workers if the wage rate is $12 and would hire 10,000 workers if the wage rate is $15. Firm B would hire 30,000 workers if the wage is $20 and would hire 38,000 workers if the wage is $15. Which firm is more likely to be unio..
Home price escalation in the U.S. during 2005 fuelled booms in:
q. answer the following question using the keynesian model of a closed economy. suppose the federal government would
Based on what you have learned about the relationship between TR and elasticity of demand, explain how an airline might take advantage of this information in order to maximize its profits? (Tip: How does an airline company separate the market of cons..
q.find true or false or uncertain and explain why?1. tfu suppose that at an initial cost of 1000 a homeowner can
How to use Solow growth model to explain the long run effect of raising the saving rate on capital per worker ad output per worker. Start with an initial steady state and show the new steady state on the graph. Label the graph properly.
Suppose that the insurance company would set the premium by imposing a zero profit restriction. That is, the premium would be set to be (1+L)EB, where L is the loading factor and EB is the expected benefit. Let us assume that L = 20%. Calculate the p..
Assume that VCRs continue to be sold at $200 per unit while average income increases from $30 thousand to $50 thousand. Assume also that the price for DVD players remains steady at $500. Using the midpoint method, what is the income elasticity of dem..
Diminishing marginal returns begins with which employee? Suppose a pot sells for $20 each. What is the marginal revenue product of labor of the second worker? If wages are $50 per day and pots sell for $20 each, how many potters will the firm hire?
If a monopolist can represent the demand of its product as Q = 100 - P and its marginal revenue from sales as MR = 100 - 2Q, where Q is the quantity of production and sales and P is a uniform price charged to each customer, and has a constant margina..
The book defines Web 2.0 as “Internet services that foster collaboration and information sharing which of the following is not considered a characteristic of Web 2.0?
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