Monopsony graphs

1. In your notes, complete this chart for a monopsonist mining company Quantity of labor Total labor costs Wage rate Marginal labor costs Total Product Price of product sold Marginal Revenue Product (miners) (wages) TLC/Q in TLC / in Q per hour   in Total product* P     $1 $0   1 $10   $10   70 $1   2 $40     130 $1   3 $90     180 $1   4 $160     220 $1   5 $250     250 $1   6 $360     270 $1   7 $490     280 $1  

2. Monopsonist mining company Quantity of labor Total labor costs Wage rate Marginal labor costs Total Product Price of product sold Marginal Revenue Product (miners) (wages) TLC/Q in TLC / in Q per hour   in Total product* P   $0   $1 $0   1 $10 $10   $10   70 $1 $70   2 $40 $20   $30   130 $1 $60   3 $90 $30   $50   180 $1 $50   4 $160 $40   $70   220 $1 $40   5 $250 $50   $90   250 $1 $30   6 $360 $60   $110   270 $1 $20   7 $490 $70   $130   280 $1 $10  

3. Non- competitive firm Wage rate if competitive? DWL? Options for workers? Min wage Unionize