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There is only one employer in the region and has a monopsony of labor. 1. Suppose that workers in the region have identical utility over

There is only one employer in the region and has a monopsony of labor.

1. Suppose that workers in the region have identical utility over consumption and Labor given by U(c,L) = c^1/2- L². Assume that all workers consume all they earn. Find the amount of labor they would supply as a function of w if they earn w for each unit of labor supplied and the price of one unit of consumption is 1.

2. Suppose there are 500 workers in the region. Find the market labor supply as a function of w.

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