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A firm produces output, measured by Q, which is sold in a market in which the price P = 20, regardless of the size of Q. The output is produced using only one input, labor (measured by L); the production function is Q(L) = L. There are many suppliers of labor, and the supply schedule is w = 2L, where w is the wage rate. The firm is a monopsonist in the labor market.
a) What wage rate will the monopsonist pay?
b) How much extra profit does the firm earn when it pays labor as a monopsonist instead of paying the wage rate that would be observed in a perfectly competitive market?
Real GDP in the U.S. increased by a% in 2008 and increased by b% in 2009, and increased by d% in 2010. In class, we learned that the average annual growth rate of real GDP for the period 2008-2010 can be (1) approximated as: (a% +b% +d%)/3
ECOM094 - a. Using the data contained in the dataset, construct the variables that you need in order to estimate eq. (1). b. Estimate eq. (1), report the results and comment on them. Are the results consistent with Taylor’s theory? Explain.
If the current stock of capital is fixed at 250 units, how many full-time workers should the firm employ if the weekly salary of each full-time worker (w) is $400 per week Compute the firm's level of output and profits per week in this short-run e..
How does this change in demand and/or supply affect the equilibrium prices and quantity in the market? In other words, do they increase or decrease?
let x denote the reaction time in seconds to a certain stimulus and y denote the temperature f at which a certain
Given the information below what are the optimal markups for widgets and gadgets Marginal revenue = Price(1 + 1/Price elasticity) since price is positive (always) so we can ignore that part when determining the sign of MR MR is negative if 1+1/elasti..
Calculate the present worth (year 0) of a lease that requires apayment of $20,000 now and amounts increasing by 5% per year through year 10. Use an interestrate of 14% per year.
Planning, Siting, and Permitting of Landfills: Outline the steps for constructing a landfill. What factors can affect the volume requirement of the landfill over time? What are some examples of fatal flaws that should be considered in the construc..
Construct a base-case spreadsheet model to help analyze different order quantities. The primary output of interest is the total annual inventory-related cost, comprising total ordering cost and total holding cost.
Consider a monopolist facing a demand curve given by P = 20 - q, where P is the market price and q is the quantity sold. The monopolist's marginal costs are MC = 2 per unit; there are no other costs. What is the deadweight loss generated
In one hour, Liz can make 30 smoothies or 30 salads. In this same hour, Joe can make 6 smoothies or 6 salads. Demonstrate that neither Liz nor Joe can gain from trade.Joe can now make 6 smoothies or 12 salads in an hour
The inverse market demand in a homogenous-product Cournot duopoly is P = 100 - 2(Q1 + Q2) and costs are C1(Q1) = 12Q1 and C2(Q2) = 20Q2. a. Determine the reaction function for each firm. b. Calculate each firm's equilibrium output.
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