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INTERMEDIATE MICROECONOMIC II ECON 2111 ASSIGNMENT 3 (CHAPTER 14 AND 16) DUE DATE: TUESDAY (JANUARY 5, 2021) BEFORE 11.30 P.M. TOTAL MARKS: 20 MARKS SHOW ALL OF YOUR WORK DRAW DIAGRAM(S) WHENEVER NECESSARY QUESTION 1 1. What is the effect on the equilibrium level of input if a monopolist faces a monopsonist in the same input market? Justify your answer clearly. (6 marks) 2. Let a competitive market has the followings: a) Competitive firms sell output for the price of: P=[40 b) Marginal productivity per hour of labour is MP, = 80 - L How many labour the firm can hire if the wage is (50? (5 marks) 3. Suppose that we are at an allocation where MRS . = 2 > MRS . = 1. Both of consumers Q and T consume x and y. Can we make both consumers better off without hurting anyone? Justify your answer. (4 marks) 4. Does efficiency in production mean efficiency in exchange? Explain your answer clearly. (5 marks) ADDITIONAL REQUIREMENTS: 1. How to answer these questions? You can use pen to write your answer and then take the pictures of your answers using your phone or smart phone scanner. 2. You are required to print the declaration form below, sign it using pen and write the date you sign it. I DO NOT ACCEPT ELECTRONIC SIGNATURE. Then