14 Labour Demand with Monopsony in the Labour Market and Monopoly in the Output Market. You are the manager of a business that operates as a Monopolist in the output market, and it is a Monopsonist in the local labour market . The production function of the business is given by : Q = 21 In the production function , Q is output, L is the number of workers employed, As a Monopolist , the firm faces a market demand given by: P = 200 - 2Q As a Monopsonist the firm faces a supply of labour given by the expression: w = 4L a) Calculate the equilibrium number of units of labour employed in short run. b) Briefly discuss the advantages for a firm of being a Monopolist in the output Market and a Monopsonist in the Labour Market