Calculate the dollar values for (a)-(g) in the table. Units of MRPL Wage Total M

Question

Calculate the dollar values for (a)-(g) in the table. Units of MRPL Wage Total Marginal labor MI 0 S18 S6 a d. S 16 12 10 10 36 50 h. (Ch.16) A firm in a purely competitive labor market will hire additional workers until the i (Ch.17) A profit-maximizing monopsonist will hire additional workers until the Use the above rules and the data in the table to answer questions j -n j If the firm hires its workers in a purely competitive labor market it will pay a wage rate of S Ifthe firm is a monopsonist it will pay a wage rate of S and hire units of labor and hire units of labor . Compared to a purely competitive labor market, a monopsonistic labor market will result in a wage rate and workers hired A profit-maximizing firm hiring in purely competitive labor market pays a wage rate that A profit-maximizing monopsonist pays a wage rate that m. the worker's MRP n. the worker's MRP

Explanation / Answer

Units of labor

MRPL

Wage rate

Total labor cost

Marginal labor cost

0

1

18

6

6

2

16

7

14

8

3

14

8

24

10

4

12

9

36

12

5

10

10

50

14

6

8

11

66

16

h)wage rate equals MRPL

i)marginal cost of labor equals MRPL

j)$10 and 5units

k)$9 and 4units

l)higher wage rate and lesser workers

m)equals

n)does not equal

Units of labor

MRPL

Wage rate

Total labor cost

Marginal labor cost

0

1

18

6

6

2

16

7

14

8

3

14

8

24

10

4

12

9

36

12

5

10

10

50

14

6

8

11

66

16

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