Business, 02.06.2020 20:57 chrisspa13

# Suppose that a monopoly firm finds that its MR is $68 for the first unit sold each day, $67 for the second unit sold each day, $66 for the third unit sold each day, and so on. Further suppose that the first worker hired produces 5 units per day, the second 4 units per day, the third 3 units per day, and so on.

Required:

a. What is the firmâ€™s MRP for each of the first five workers?

b. Suppose that the monopolist is subjected to rate regulation and the regulator stipulates that it must charge exactly $58 per unit for all units sold. At that price, what is the firmâ€™s MRP for each of the first five workers?

c. If the daily wage paid to workers is $242 per day, how many workers will the unregulated monopoly demand?

d. If the daily wage paid to workers falls to $113 per day, how many workers will the unregulated monopoly demand?

e. Comparing your answers to parts c and d, does regulating a monopolyâ€™s output price always increase its demand for resources?

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Suppose that a monopoly firm finds that its MR is $68 for the first unit sold each day, $67 for the...

Mathematics, 21.06.2019 22:20

Mathematics, 21.06.2019 22:20