Evaluate the wage paid and the number of labor hours, Macroeconomics

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Evaluate the wage paid and the number of labor hours

Assume that one firm is the only employer of a certain labor service. Suppose its MRP_L is given by the L = 11 - w and the labor supply is L = w.

1. Evaluate the wage paid and the number of labor hours hired by the profit-maximizing monopolist?

2. Discuss what would be the wage and the number of labor hours if the labor market were completely competitive?

3. If a minimum wage law is passed that needs the monopolist to pay at least $5.50 per hour, discuss how will these affect employments?

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Macroeconomics: Evaluate the wage paid and the number of labor hours

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Macroeconomics: Evaluate the wage paid and the number of labor hours

Reference No:- TGS0872289

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Recent Questions Asked Macroeconomics

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Macroeconomics: Evaluate the wage paid and the number of labor hours

Reference No:- TGS0872289

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