The following will use the equations used in the prior set of questions and are: demand Qd=245,000

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The following will use the equations used in the prior set of questions and are: demand Qd=245,000 - 300W, where Qd is quantity demanded and W is hourly wage rate and Qs= -17,000+1200W, where Qs is quantity supplied)

If the inverse supply curve is given as W=a+bQs, the marginal resource cost is: MRC = a+2bQs.

a) with a monopsony, how many people will be hired?

b) calculate the wage rate.

c) if the company could hire as many employees as it wanted with this wage rate, how many people would it hire?

d) what is the "shortage" of employees? (difference in answer c and answer a.)

Related Book For answer-question

Macroeconomics Principles and Applications

ISBN: 978-1133265238

5th edition

Authors: Robert e. hall, marc Lieberman

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Posted Date: Feb 22, 2024 06:00 AM

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The following will use the equations used in the prior set of questions and are: demand Qd=245,000

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Macroeconomics Principles and Applications

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