You are a non-discriminating monopsonist. The labor supply function in your industry is E= -50+5W, where E is employment and W is the wage.

3. You are a non-discriminating monopsonist. The labor supply function in your industry is E=-50+5W, where E is employment and W is the wage. a. Write down the "inverse labor supply curve" (W as a function of E). b. If you wish to employ 20 workers, what's the wage rate that you must pay? c. What's your total wage bill (W x E) if you employ 20 workers? d. Fill out the following table. When you are done, plot the labor supply curve and the marginal cost curve on the same graph. Employment Wage Total Marginal Cost Level Wage Bill (Change in Total (W x E) Wage Bill) 0 W N 8