Please Answer A-D

ovember. 1 . In a certain monopsonistic pro sports league, franchises exhibit an annual (seasonal) demand for the services of athletes in accordance with the marginal revenue product function MRP, = 10300 - 5Q,, incur marginal costs of labor according to MC, = 1150 + 20Q,, and pay wages (annual salaries) according to W = 1150 + 10Q,, where Q, represents the quantity of athletes. Note: In this problem, monetary figures are expressed in hundreds of dollars (e.g., W = 100 means $10,000.) a How many athletes will franchises employ, to maximize profit? What annual wage (salary) will they pay? b. Do these franchises show evidence of monopsonistic exploitation? Explain. C. Suppose after a period of time, qualified players in this league gain the right to unrestricted free agency, which forces franchises to employ them competitively. How many athletes will they employ in this circumstance, to maximize profit? What annual salary will they pay? d Suppose league expansion causes an increase in the demand for the athletes in this league, so that it now reflects the function MRP, = 12250 - 50,. Assuming franchises remain competitive buyers of labor, how many athletes will they employ? What annual salary will they pay