Question: (7f) As a monopolist, does Jack buy more or less labor? Briey explain why. No need to solve for the profit maximizing quantity of labor.

(7f) As a monopolist, does Jack buy more or less labor?

(7f) As a monopolist, does Jack buy more or less labor? Briey explain why. No need to solve for the profit maximizing quantity of labor. But you can if you want (algebraically tedious). (7g) Re-do (3c) assuming that K = 4 and K = 6. (7h) Based on (3c) and (3g) and the prevailing prices, would Jack rather use more or less capital given the choice? In the medium/long run, what would we expect to happen to the factor price of capital (r), assuming w and p remain unchanged? (7i) Suppose Jack is a monopsonist in the labor market and faced a labor supply curve similar to the labor supply curve you derived for Jane (Question 2). Would Jack buy more or less labor as a monopsonist ? Briey explain why

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