Unit 5 exam free response portion 1. Assume the following information is for a monopsony in a small Idaho town: Wage rate (per hour) $4.00 4.50 5.00 5.50 6.00 7.00 8.00 9.00 10.00 ACDC Poster Inc. Number of Workers 0 1 2 3 4 5 6 7 8 F. A. Given the information, what is the marginal physical product of the 4th worker? B. Explain why the marginal physical product increases, decreases, and then goes negative. What is this called and why does it happen? D. If the price for each output were $5: i. ii. Total Product 0 20 50 70 80 86 88 89 87 C. Assuming that the firm cannot use wage discrimination, what is the marginal resource cost of the 3rd worker? How did you calculate it? What would be the marginal revenue product of the 8th worker? How many workers will this monopsony hire and at what wage rate? Why? E. How would this market's wage rate and employment level be different if they were in a perfectly competitive labor market? Draw and properly label a generic monopsonistic labor market, including MRC, MRP, demand, and supply. Label the equilibrium for monopsony.

Fill in the below table, the wage equals AED 300 for each worker. In addition, each unit of output is sold at a price of AED 10.      Number of workers Total Output Marginal Product of Labor (MPL) Value of Marginal Product of Labor VMPL = P x MPL Wage per Worker W Profit Margin (PM)PM=VMPL-Wage 0 0 - - - - 1 60     300   2 110     300   3 150     300   4 180     300   5 200     300   6 210     300

Is it fair that employers can permanently replace economic strikers? Does the right to strike mean much if striking employees are subject to permanent replacement? 250 word please

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If labor supply is inelastic a. immigration will raise the wages of inexperienced natives and lower the wages of experienced natives within each education group b. immigration will lower the wage of both inexperienced and experienced natives within each education group c. Immigration will raise the wage of both inexperienced and experienced natives within each education group d. immigration will lower wages of inexperienced natives and raise wages of experienced natives within each education group.

A monopsony employer will employ were competitive. workers than if the labor market O fewer more the same number of possibly more or possible fewer, it depends on the size of the firm.