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Posted: April 20th, 2022
Need help with a micro economics question about monopsonist
Question description
2. (10
factors) Assume a agency is a monopsonist that may rent its first employee for $6
however should improve the wage fee by $three to draw every successive employee (so
that the second employee have to be paid $9, the third $12, and so forth). The marginal
income product of labor is given within the desk beneath.
Models of Labor Marginal Income Product
zero
1 $30
2 $24
three
$18
four
$15
5
$12
6
$10
a. Drawthe
agency’s labor provide, labor demand and marginal useful resource price curves.
b. What
would be the aggressive equilibrium wage fee and the extent of
employment?
c. What
would be the wage fee and the extent of employment beneath monopsonistic
circumstances?
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