Question: help please! Answer the following questions using this diagram on the right, which is assumed to be the curves used to describe the Wage, MIT,

help please! Answer the following questions using this diagram on the

help please!

right, which is assumed to be the curves used to describe the

Answer the following questions using this diagram on the right, which is assumed to be the curves used to describe the Wage, MIT, MRP, ARP, VMP choices a MONOPSONIST (single buyer) is expected to make. 1. The quantity labor the firm will choose to hire and use or (qe labor )= 2. Explain why: because on the last unit of labor hired by the firm 3. The wage the tirm will choose to pay the laborers it hires (we)= 4. Explain why: this wage is 5 the wage bill (or total labor costs) to the firm = 6.the total revenue earned by the firm = 7. the allocative efficient or socially optimal quantity of labor for the firm to hire and use = 8. explain why. Because on the last unit of labor hired 9. the "dead weight loss" that is expected to occur= 10. The expected "exploited value" = 11. this expected "exploited value" occurs because the firm pays a wage = 12. Name the unnamed curves (do not abbreviate), write the entire name a. b. 13. State the condition that explains the following quantity of labor for the firm to hire and use = 8. explain why. Because on the last unit of labor hired 9. the "dead weight loss" that is expected to occur= 10. The expected "exploited value" = 11. this expected "exploited value" occurs because the firm pays a wage = 12. Name the unnamed curves (do not abbreviate), write the entire name a. b. 13. State the condition that explains the following a. diminishing MRPlaber_as the firm chooses to hire and use more labor occurs because of b. diminishing ARPlabor: as the firm chooses to hire and use more labor occurs because c. the firm will be choosing to hire and use profit maximizing (loss minimizing) quantity of labor if on the last unit of labor hired d. the firm would be choosing to hire and use an Allocative efficient or socially optimal quantity of labor, if on the last unit of labor hired 14. wages earned by different individuals are different and are expected to remain different: List economic reasons why wages earned by different individual are different and expected to remain different a. b. c

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