3. A monopsonist's inverse demand for labor can be written as D-(w) = VMP(E) 0.005 Ep. Labor is supplied to the firm according to the inverse supply function s-'(w) s(E) = w = 5+0.01E,. = 40 %3D

Solve for and fill in the missing portions of the following table to derive the monopsonist's derived demand curve for labor and answer the following questions: Total Physical Marginal Physical Product Number of Marginal Revenue Price Workers Product Product 246 9,557.10 32.70 32.70 247 32.65 1 248 9,622.35 32.60 32.60 249 9,654.90 1 32.55 250 32.50 1 32.50 251 9,719.85 32.45 1 252 9,752.25 32.40 1 32.40 253 9,784.60 1 32.35 32.30 1 32.30 254 9,816.90 Question: What is the total physical product when the firm hires the 247th worker, and what is the marginal revenue product from hiring the 247th worker?

A firm that is perfectly competitive in the output market faces a demand curve for its output: P = MR. Its demand for labour is given by: OTR x MPL AR x MPL OP x MR P/MPL

If the marginal product of labor is 50 per day, and if the market is $4.50, calculate the marginal revenue product.

One of these four answers could cause the demand curve for labor to shift to the right. Which one? Group of answer choices a decrease in the firm's product price an increase in demand for the firm's product a decrease in labor productivity an increase in the wage rate

Suppose that a firm is producing in the short run with output given by: Q = 64L - L2The firm hires labor at a wage of $26 per hour and sells the good in a competitive market at P = $40 per unit. Find the firm’s optimal use of labor.Enter as a value.  ROUND TO THE NEAREST WHOLE NUMBER.

A firm faces perfectly elastic demand for its output at a price of $6 per unit of output. The firm, however, faces an upward-sloping labor supply curve of E = 20w - 120 where E is the number of workers hired each hour and w is the hourly wage rate. Thus, the firm faces an upward-sloped marginal cost of labor curve of MCE = 6 + 0.1E Each hour of labor produces five units of output. How many workers should the firm hire each hour to maximize profits? What wage will the firm pay? What are the firm’s hourly profits?

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ECONOMICS LECTURE NOTE 5.1.3 Example Use the table below to answer the questions that follows Commodity x Quantity Commodity y Quantity Marginal utility 60 Average utility 1 30 2 50 2 27 3 35 3. 22 4 15 4. 18 5 5 15 6. 6. 12 iii. Which of the commodities would he pay higher price when 4 units are consumed? Suppose the price of X is 5 and that of Y is 4. How many of the quantity of X and Y should be consumed in order for the consumer to be in iv. equilibrium. If price of X increase to 10 whiles that of Y remains the same, explain how the equilibrium conditions will behave.

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