The following are figures for a monopsonist employer Number of workers Wage rate () Total cost of labour () Marginal cost of labour () Marginal revenue product () (1) (2) (3) (4) (5) 1 100 100 110 230 2 105 210 120 240 3 110 230 240 4 115 230 5 120 210 6 125 190 7 130 170 8 135 150 9 140 130 10 145...

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The following are figures for a monopsonist employer: Number of workers Wage rate () Total cost of

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The following are figures for a monopsonist employer:

Number of workers	Wage rate (£)	Total cost of labour (£)	Marginal cost of labour (£)	Marginal revenue product (£)
(1)	(2)	(3)	(4)	(5)
1	100	100	110	230
2	105	210	120	240
3	110	230		240
4	115			230
5	120			210
6	125			190
7	130			170
8	135			150
9	140			130
10	145

Fill in the missing figures for columns (3) and (4). How many workers should the firm employ if it wishes to maximise profits?

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Essential Economics For Business

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Authors: John Sloman, Elizabeth Jones

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