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The market consists of Allen and Bernard. Allen has the labor supply curve described in the following function:
w = 10 + 2hA, while Brenda has the following labor supply curve
w = 20 + 2hB. Note that we can rewrite the labor supply curves as
hA = 1(w−10) 2
hB = 1(w−20) 2
(a) What is Allen’s reservation wage? What is Bernard’s reservation wage?
(b) What is the market labor supply curve?
(c) Draw the market labor supply curve.
A competitive industry consists of 100 firms. The short-run marginal cost curve for each firm is given by MC=200+30Q. What is the supply function for each firm? What is the market supply function? Calculate the elasticity of supply at the market equi..
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