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Calculating marginal expenses of labor.

1. A monophony can hire one worker at a wage of $5, two workers at a wage of $6 each, three workers at $7 each, and so on (each added worker adding one dollar to the wage rate). If the marginal revenue product for all workers is $16, what wage will it pay (this is the same as determining how many workers will the firm hire)? Hint: find out the MEL and compare it to MRPL.

2. Assume, the government requires lifeguards to buy $1 of health insurance per hour worked. What happens to employment and wages of lifeguards? describe and show graphically.

 

Business Economics, Economics

  • Category:- Business Economics
  • Reference No.:- M917882

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