A coal mine operates with the production function Q=f(L)=21L where L is the quantity of labor it employs and Q is total output. The firm is a price taker in the output market, where the price is currently p=32. The firm is a monopsonist in the labor market, where the (inverse) supply curve for labor is (L)=4L 1. Derive the monopsonist's marginal revenue product of labor MRPL(L) and marginal expenditure on labor, MEL(L). (both are functions of L ) 2. Calculate the monopsonist's optimal quantity of labor L. What wage rate will the monopsonist pay to attract this quantity of labor? 3. What is the coal mine's profit? 4. What is the deadweight loss due to monopsony in this market? A coal mine operates with the production function Q=f(L)=21L where L is the quantity of labor it employs and Q is total output. The firm is a price taker in the output market, where the price is currently p=32. The firm is a monopsonist in the labor market, where the (inverse) supply curve for labor is (L)=4L 1. Derive the monopsonist's marginal revenue product of labor MRPL(L) and marginal expenditure on labor, MEL(L). (both are functions of L ) 2. Calculate the monopsonist's optimal quantity of labor L. What wage rate will the monopsonist pay to attract this quantity of labor? 3. What is the coal mine's profit? 4. What is the deadweight loss due to monopsony in this market