Question: 1. A monopsonist has the production function Q=4L and faces the following labor supply and product demand equations respectively. W=2+0.05L P=100.025Q How much labor should

1. A monopsonist has the production function

Q=4L

and faces the following labor supply and product demand equations respectively.

W=2+0.05L

P=100.025Q

How much labor should the firm hire in order to maximize profits if they mark their price 300% above marginal cost? Answer is not 10

2.

A monopsonist has the production function

Q=4L

and faces the following labor supply and product demand equations respectively.

W=2+0.05L

P=100.025Q

What wage rate should the firm pay in order to maximize profits if they mark their price 300% above marginal cost? Answer is not 2.5

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