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Minimum Wage under a Monopsonistic labor Market: BS: Consider the case of monopsony on the Was: ill ml\" diagram here. The supply of labor is S... The rm's demand is DI. and its marginal resource cost curve is Man. {1] Without government intervening in the labor market, what would be the profit-maximizing firm's labor quantity W2 and wage offering? Answer: I." = ' ' ' W1 w" = (2] What is the social optimal labor quantityr and wage? Answer: L' 2 l1 L2 laborQuantity wt. Wanting to achieve social optimality, suppose thegovemment Is to impose a minimum wage of \"urn-inI {3} What would the labor supply curve look like under the minimum wage law? (Pick from: ABD, ABC, and ABEFJ Answer: {4] Given [3}, what would the firm's marginal resource cost of labor look like under the minimum wage law? {Pick from: ABD, ABC, and ABEFJ Boldface the segments. Answer: {5] At which point would the firm's marginal resource cost of labor in (4) intersect its marginal revenue product of labor? [Pick from: n, E, E, and 3.} Answer: {6] Given [5}, what would be the firm's optimal labor quantity under the minimum wage law? Answer: {7] What Is the effect of the minimum wage on the firm's labor hiring? (A) The minimum wage has caused an increase In the labor hiring. {B} The minimum wage has caused a decrease in the labor hiring. Answer: Section C: Profitmaximization and Welfare Implications: Monopoly vs. Monopsony C1: The questions below have to do with the case of monopoly. l W\" {1] label the vertical axis. Label the horizontal axis. {2] Draw the market demand curve. Label it as D and denote its vertical intercept as H. (3] Starting at Point H, draw the firm's marginal revenue curve and label it as MB. (Be precisell (4) Draw the rm's marginal cost curve and label it as MC. (5) Identifyr the point where MR - MC, and label it as M. {6} Given M, identify the profit-maximizing output quantity, and denote it as A on the horizontal axis. {7] Identify the prot-maximizing output price, and denote it as B on the vertical axis. {3} Identify the point on the demand curve D that is associated with Point B on the horizonal axis. Denote that point as N on the demand curve, D. {9} Identify the point where D = MC and label the point as K. {10} Identify the social optimal output quantity, and denote it as C on the horizontal axis. Identify the social optimal output price, and denote it as F on the vertical axis. {11} What is the area for (:5 under social optimality? Answer: {12} What is the area for CS under monopoly? Answer: {13} What Is the reduction In (:8 due to monopoly? Answer: {14} What Is the area for DWL due to monopoly? Answer: The questions below have to do with the case of monopsony in a _ MU'IOPIO labor market. "5' {1] Label the vertical axis. Label the horizontal axis. {2] Draw the nn's labor demand curve and label it as MBPL. {3] Draw the labor supplyr curve facing the rm. Label it as St and denote its vertical intercept as X. (4) Starting at Point X, draw the rm's marginal resource cost curve. Label it as MRCL. {5} Identify the point where MRPL - MAC and label the point as I. {6} Identify the prot-maximizing labor hiring quantity, and denote it as Y on the horizontal axis. {7] Identify the prot-maximizing wage rate, and denote it as Z on the vertical axis. {8] Identify the palm on the labor su pplv curve 5|. that is associated with Point 2 on the vertical axis. Denote that point as It! on the labor supply curve, 5;. {9] Identify the point where 5;: MRPL and label the point as o. {10} Identify the social optimal labor hiring quantity, and denote it as M on the horizontal axis. Identify the social optimal wage rate, and denote it as N on the vertical axis. {11} What is the area for PS under social optimality? Answer: {12} What is the area for PS under monopsonv? Answer: {13} What is the reduction in PS due to monopsonv? Answer: {14} What is the area for DWL due to monopsony