Question: Q 3 : Use the following data to answer the questions that follows. Assume a perfectly competitive product market. Assume a Monopsony in the labor
Q: Use the following data to answer the questions that follows. Assume a perfectly competitive product market. Assume a Monopsony in the labor market.
tabletableQuantity ofLaborWage,tableTotalWage CosttableMarginalLabor CosttableTotalProductMPMRP$$$$$$$
a If the price of the product produced is selling for $ what will be the quantity of labor hired? Show all your math
b Using your answer to part a compare the firm't total revenue to the total amount paid for labor?
c If a union could successfully negotiate a wage increase for its members without increasing or decreasing the number of workers employed, what would the worker wage be Please fill in graph and answer a b and c
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