Assume the Jacksonville Jaguars, a football team, are in the process of hiring players. The following hypothetical table of data gives the necessary information to the manager to hire quarterbacks. Salary Number of Quarterbacks Total Cost of Quarterbacks Marginal Factor Cost (MFC) Marginal Revenue Product (MRP) (Thousands of dollars) (Thousands of dollars) (Thousands of dollars) (Thousands of dollars) 0 0 0 100 500 100 1 100 300 400 200 2 400 500 300 300 3 900 700 200 400 4 1,600 900 100 500 5 2,500 On the following graph, use orange points (square symbol) to plot the labor supply curve for quarterbacks, starting with point (1, 100). Next, use green points (triangle symbol) to plot the marginal factor cost curve on the midpoints of the horizontal axis, starting with point (0.5, 100). Note: Plot points from left to right in the order you would like them to appear. Points will connect automatically. Labor Supply MFC 0 1 2 3 4 5 6 1000 900 800 700 600 500 400 300 200 100 0 SALARY (Thousands of dollars) QUARTERBACKS MRP Assuming the Jaguars is a monopsony employer, the number of quarterbacks hired will be , and the salary each is

11. Study Questions and Problems #11 Assume the Jacksonville Jaguars, a football team, are in the process of hiring players. The following hypothetical table of data gives the necessary information to the manager to hire quarterbacks. Total Cost of Marginal Factor Cost Marginal Revenue Salary Quarterbacks (MFC) Product (MRP) (Thousands of Number of (Thousands of (Thousands of dollars) Quarterbacks dollars) dollars) (Thousands of dollars) 0 0 0 100 500 100 1 100 300 400 200 2 400 500 300 300 3 900 700 200 400 4 1,600 900 100 500 5 2,500 On the following graph, use orange points (square symbol) to plot the labor supply curve for quarterbacks, starting with point (1, 100). Next, use green points (triangle symbol) to plot the marginal factor cost curve on the midpoints of the horizontal axis, starting with point (0.5, 100). Note: Plot points from left to right in the order you would like them to appear. Points will connect automatically. O 200 200 Labor Supply 700 o 600 MFC s00 Q 400 + O 300 B 200 4 O 100 + o SALARY (Thousands of dollars) 0 1 2 3 4 5 6 QUARTERBACKS Assuming the Jaguars is 2 monopsony employer, the number of quarterbacks hired will be I:I, and the salary each is paid will be Assuming the labor market is competitive, the number of quarterbacks hired would be l:l , and the salary each was paid would be