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nakungth nakungth
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6 years ago
Mr. Barnes' Mine has a monopoly on coal production in the local community.  Also, Mr. Barnes' Mine is the sole employer in the local community.  The market supply of labor is: 
   LS(w) = 50w - 250       
Or equivalently          
   w = 50 + 0.02LS
Mr. Barnes' wage bill is: 
   WB = 50L + 0.02L2
The resulting marginal expenditure of labor function is: 
   ME(L) = 50 + 0.04L
The marginal product of coal as a function of labor is:
   MPL = 0.01.
The marginal revenue of coal sales as a function of labor is:
   MR(L) = 100,000 - 28.57L 
Determine Mr. Barnes' marginal revenue of the product of labor.  What is Mr. Barnes' optimal employment of labor?  What is the wage rate Mr. Barnes pays for a unit of labor?
Textbook 
Microeconomics

Microeconomics


Edition: 8th
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CanihCanih
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6 years ago
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nakungth Author
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6 years ago
I appreciate what you did here, answered it right Smiling Face with Open Mouth
7.prime7105
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Yesterday
Smart ... Thanks!
annabananerz
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2 hours ago
This calls for a celebration Person Raising Both Hands in Celebration
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