The inverse market demand curve for a final good is (P=50-Q) and the marginal cost of supplying
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The inverse market demand curve for a final good is \(P=50-Q\) and the marginal cost of supplying labor is \(M C_{L}=20\). Each unit of output requires half a unit of labor, \(L\), and no other factor, \(Q=2 L\). If factor and output markets are competitive, what are the equilibria in both markets? How does your answer change if the factor market is a monopoly but the output market is competitive?
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To find the equilibria in both markets we need to first determine the profitmaximizing behavior of f...View the full answer
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