11.31. National Hospital is the only employer of nurses in the country of Castoria, and it acts...

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11.31. National Hospital is the only employer of nurses in the country of Castoria, and it acts as a profitmaximizing 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

ISBN: 9780470563588

4th Edition

Authors: David Besanko, Ronald Braeutigam

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Question Posted: Oct 15, 2024 05:03 AM

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