. Consider graphs G1 and G2. Complete the following for each: a. What kind of labor market is the firm hiring from? b. Locate, show using straight line boundaries in blue ink, and label (using geometric notation) regions whose areas equal to TR, TCL, and accounting profits. c. For the monopsony, re-construct the graph as though it were the other kind (i.e. if it's one-sided, make it two sided with the Union Wage rate being the competitive wage rate; or remove the union wage rate if it's two sided). Locate and label (using geometric notation) regions whose areas equal to TR, TCL, and accounting profits under the union or one-sided monopsonist's optimal wage rate.

. Consider graphs G1 and G2. Complete the following for each: a. What kind of labor market is the firm hiring from? b. Locate, show using straight line boundaries in blue ink, and label (using geometric notation) regions whose areas equal to TR, TCL, and accounting profits. c. For the monopsony, re-construct the graph as though it were the other kind (i.e. if it's one-sided, make it two sided with the Union Wage rate being the competitive wage rate; or remove the union wage rate if it's two sided). Locate and label (using geometric notation) regions whose areas equal to TR, TCL, and accounting profits under the union or one-sided monopsonist's optimal wage rate.

Economics (MindTap Course List)

13th Edition

ISBN:9781337617383

Author:Roger A. Arnold

Publisher:Roger A. Arnold

Chapter26: Factor Markets: With Emphasis On The Labor Market

Section: Chapter Questions

Problem 12QP

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