3. There is only one buyer in a labour market. a) Prove that if labour supply inverse curve is Wea+bl, marginal expenditure for a monopsonist in the labour market is ME=a+2bL. b) Explain why this monopsonist buyer's profit is the maximum value when the marginal revenue product of labour equals marginal expenditure. c) Calculate the deadweight loss of monopsony using the below graph. Wages ($/hour) ME $42.00 SL 21.00 10.50 MRPL 4256 Q2 Quantity of labor (hours)