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Carl the clothier owns a large garment factory on an isolated island. Carl's factory is the only source of employment for most of the islanders, and this Carl acts as a monopsonist. The supply curve for garment workers is given by:L=80wWhere L is the number of workers hired and w is their hourly wage. Assume also that Carl's labor demand (marginal revenue product) curve is given by:L=400-40MRPL
a. How many workers will Carl hire to maximize his profits and what wage will he pay?
b. Assume now that the government implements a minimum wage law covering all garment workers. How many workers will Carl now hire and how much unemployment will there be if the minimum wage is set at $4 per hour?
c. How does a minimum wage imposed under monopsony differ in results as compared with a minimum wage imposed under perfect competition (assuming the minimum wage is above the market-determined wage)?
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Also assume that the countries are otherwise the same: they have the same saving rate, the same depreciation rate, the same population growth rate, and the same technological progress. Both countries are described by the Solow model and are in thei..
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