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National Hospital is the only employer of nurses in the country of Castoria, and it acts as a profit maximizing monopsonist in the market for

National Hospital is the only employer of nurses in the country of Castoria, and it acts as a profit maximizing monopsonist in the market for nursing labor. The marginal revenue product for nurses isw= 50 - 2N, wherewis the wage rate andNis the number of nurses employed (measured in hundreds of nurses). Nursing services are provided according to the supply schedulew= 14 + 2N.

a)How many nurses does National Hospital employ, and what wage will National pay its nurses?

b)What is the deadweight loss arising from monopsony?

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