*1 A monopsony gold mining firm operates in an isolated region. The table shows the firms labour...
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*1 A monopsony gold mining firm operates in an isolated region. The table shows the firm’s labour supply schedule (columns 1 and 2) and total product schedule (columns 2 and 3). The price of gold is a1.40 a grain. Wage rate Number of Quantity produced (euros per day) workers (grains per day) 50 0 6 1 10 7 2 25 8 3 45 9 4 60 10 5 70 11 6 75 a What wage rate does the company pay? b How many workers does the gold mine employ?
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