Q1 Please help with second and third questionsA monopsonist faces the following supply anddemand for labor:S = -500 + 450*LD = 1500 - 100*L1. What is the equilibrium level of laboremployed?2. What is the equilibrium wage?3. What is the size of the productivity-wage gap?A monopsonist faces the following supply and demand for labor:S = -500 + 450*LD = 1500 - 100*LWhat is the equilibrium level of labor employed?2.18What is the equilibrium wage?What is the size of the productivity-wage gap?2$

1. S = D -500+450L = 1500-100L 550L = 2000 L* = 3.63 2. For equilibrium wage, substitute L* in…

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ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Comparative Advantage and Absolute Advantage Analysis

The theory of absolute advantage was given by Adam Smith in the year 1776.

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