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Diagram is provided

Determine the following using diagram to answer the following questions. This assignment is about the choices that a monopolist firm is expected to make. A monopolist firm is a single buyer of a set of inputs, in this case the input is labor with athletic skills and the firm is a professional sport team

1.The quantity labor employed by the firm (qe labor) =

2. The wage paid by the firm (we) =__ because we is _

3. the wage bill (or labor costs) to the firm = __ because ____

4. the total revenue to the firm = __ because ___

5. the allocative efficient or socially $1m/person/yr

Optimal quantity = __ because on this last unit, if employed VMP= w

6. the dead weight loss = ___

7. The exploited value = __ because the firm pays , but MRPlabor= $1m/person

8. List market reasons for wage differentials

a. differences in amount and quality of education of different individuals

b. Differences in ____

c. Differences in _____

Wage, MFC, MRP, ARP, VMP $1.5m/person/yr Sim/person/yr Stabor 5.5 m/person/yr 12 people year 24 people/year 36 people/year qlabor