Question: 1. Complete the following table for a single firm operating in labor market A and product market AA. Units of Labor Wage TFC, MFC MRP

1. Complete the following table for a single firm operating in labor market A and product market AA. Units of Labor Wage TFC, MFC MRP VMP, $10 $16 $16 10 14 15 10 12 14 10 10 13 10 8 12 10 11 10 10 A. Fill in the blank columns in the table above. B. What, if anything, can one conclude about the degree of competition in labor market A and product market AA? Explain. C. What is the profit-maximizing level of employment? Explain. 2. The data below pertain to Durtee Coal Co., a monopsonist in a small West Virginia town: Wage Labor TFC MFC, Total Output MRP L 4 30 400 35 460 6 40 510 7 45 550 50 580 9 55 600 10 60 610 A. Complete the table by computing total factor cost of labor, TFC, and marginal factor cost of labor MFC , (Be sure to note that labor increases by 5 as move from one row to the next)

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