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A firm’s Marginal Revenue curve (in class we called this also Marginal Value) is given by w=1200-2L, where w stands for the wage and L for the quantity of labor. The labor supply curve is given as w=L.
(a) Calculate the competitive outcome (i.e., L and w)
(b) Now calculate the unregulated monopolistic outcome.
(c) Compute the deadweight loss of an unregulated monophony.
(d) If the government imposed a minimum wage of $360 what will the resulting outcome (w and L) be?
e) What is the resulting DWL in the regulated monophony?
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Using these schedules, draw a demand curve and a supply curve using PowerPoint or Excel. Use these to decide the equilibrium price and equilibrium quantity for the product. Analyze five reasons why demand for this product could shift.
Fangorn Inc., a forestry firm, faces a constant marginal cost for producing firewood of 2 gold coins per cord. As the firm’s uses very rudimentary equipment, its fixed costs are only 10 gold coins.
A firm that has the ability to control to some degree the price of the product it sells...
The basic model of pure competition reviewed in this chapter finds that in the long run all firms in a purely competitive industry will earn normal profits. If all firms only earn a normal profit in the long run, firms will develop new products or..
1. How do you know that the firm represented in the graph above is a purely competitive firm 2. To maximize profits, this firm will produce at what output level (one letter) 3. Explain why this MR=MC position is the profit-maximizing position for any..
answer a b c and d using the following informationsuppose that the supply schedule of maine lobsters is as followsprice
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“Comparative advantage will benefit all people because everyone has a comparative advantage in something. Therefore, trade based on comparative advantage should be facilitated without undue government intervention”
You observe an Olympic Athlete in the long-jump. Suppose the distance of each jump is a random variable that follows a normal distribution with mean and variance2. He jumps 8 times and records the following distances.
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