Micro Economics- Monopoly

timer Asked: Jul 27th, 2014

Question description

the Happyland Hospital is a monopsonist employer of nurses in the small city of Happyland. The supply function of nurses is S(W) = 0.1W − 100, where W is the nurses' weekly wage. What is the hospital's marginal expenditure, ME? If the hospital's marginal benefit is $2000 per week no matter how many nurses it hires, what is the profit-maximizing number of nurses for the hospital to hire? What will the nurses' wage be? What is the deadweight loss?

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