 Case question Anonymous

### Question Description

Read the attached short scenarion and answer the question in 2 to 5 sentences.

With a monopsony, how many nurses are hired?

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Part 2: Monopsony A market for labor can fail to be perfectly competitive if there is a single large employer, as might be the case when all medical services are provided by a single provider. Suppose that is the case with the nurses. The following use the equations used in the prior set of questions, though they may take on different meanings. Solving for the equilibrium wage and quantity is a multi-step procedure. First, you will need the marginal resource cost (MRC) curve. This curve gives the marginal cost of hiring an additional nurse (in cost per hour). Since attracting an additional nurse requires raising the wage rate for all nurses, this cost is above the wage rate required for that additional nurse. If the inverse supply curve is given as W = a + bQs, the marginal resource cost is: MRC = a + 2bQs Essentially, it has the same y-axis intercept as the inverse supply curve, but twice the slope. With a single buyer there isn’t a demand curve, but what we would think of the demand curve is the marginal value curve. In this case, it gives the marginal value product (in dollars per hour) of nurses. Hence, you can replace W in the inverse demand function with MVP. To find the quantity of nurses hired, set MRC = MVP and solve for Q. With a monopsony, how many nurses are hired? ...
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Part 2: Monopsony
A market for labor can fail to be perfectly competitive if there is a single large
employer, as might be the case when all medical services are provided by a single
provider. Suppose that is the case with the nurses. The following use the equations used
in the prior set of questions, though they may take on different meanings.
Solving for the equilibrium wage and quantity is a multi-step procedure. First, you will
need t... Tutor_PaulM (3366)
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