Part 2: Monopsony (Imperfect Labor Markets) From the graph above, answer the following questions: What is the wage the monopsony will choose to pay? What is the competitive wage if this were a competitive labor market? What is the dead weight loss created by the monopsony? Unit 8: Worksheet 9 Labor Market Equilibrium Worksheet Part 1: Perfectly competitive labor markets What is the equation of labor market equilibrium? = A hair salon is considering hiring more workers. The market wage for a hairstylist is $165 per day, and this hair salon charges $30 per haircut. What is the ideal quantity of stylists this salon should employ? (Hint: it's a whole number between 3 and 8.) A coffee shop is considering hiring more workers. The market wage for a barista is $147 per day, and the coffee shop currently employs 3 baristas who sell 75 coffees a day. This business calculated that a fourth barista would allow them to sell 50 more coffees per day and a fifth barista would allow them to sell 40 more coffees per day. A sixth barista would increase production by 30 coffees per day. If the price of coffee is $4.20, how many workers should they employ?c

3. A coffee shop is considering hiring more workers. The market wage for a barista is $147 per day, and the coffee shop currently employs 3 baristas who sell 75 coffees a day. This business calculated that a fourth barista would allow them to sell 50 more coffees per day and a fifth barista would allow them to sell 40 more coffees per day. A sixth barista would increase production by 30 coffees per day. If the price of coffee is $4.20, how many workers should they employ? Marginal Total Marginal Revenue Answer: Product Product Product Baristas (TP) (MP) (MRP) 75 50Unit 8: Worksheet 9 Labor Market Equilibrium Worksheet Answer: Part 1: Perfectly competitive labor markets 1. What is the equation of labor market equilibrium? 2. A hair salon is considering hiring more workers. The market wage for a hairstylist is $165 per day, and this hair salon charges $30 per haircut. What is the ideal quantity of stylists this salon should employ? (Hint: it's a whole number between 3 and 8.) Marginal Total Marginal | Revenue Answer Product | Product |Product Stylists (TP) (MP) (MRP) 4 32 5 39 6 45 7 50 3. A coffee shop is considering hiring more workers. The market wage for a barista is $147 per day, and the coffee shop currently employs 3 baristas who sell 75 coffees a day. This business calculated that a fourth barista would allow them to sell 50 more coffees per day and a fifth barista would allow them to sell 40 more coffees per day. A sixth barista would increase production by 30 coffees per day. If the price of coffee is 54.20, how many workers should they employ