National hospital is the only employer of nurses in the, Ask an Expert

Economics

National Hospital is the only employer of nurses in the country of Castoria, and it acts as a profit maximizing monopsonist in the market for nursing labor.

The marginal revenue product for nurses is w = 50 - 2N, where w is the wage rate and N is the number of nurses employed (measured in hundreds of nurses).

Nursing services are provided according to the supply
schedule w = 14 - 2N.

a) How many nurses does National Hospital employ, and what wage will National pay its nurses?

b) What is the deadweight loss arising from monopsony?

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Microeconomics, Economics

Category:- Microeconomics
Reference No.:- M958359

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