# A monopsonist occupies a market in which 10 potential workers live

###### Calculate the price of a 5-year \$100,000 8% government bond that pays interest semi-annually,
September 10, 2020
###### “The appeal of ERP systems may come less from any cash benefits and more from its ability to untangle and integrate business practices and systems “
September 10, 2020

A monopsonist occupies a market in which 10 potential workers live. Each one has a labor supply function given by h(w) = w/2 , where w is the wage rate set by the firm. The firm sells its output in a competitive market, and the price it receives for each unit sold is 10. The firms production function is y(H) = H, where H is the total amount of labor supplied to the firm.(a) Find the profit-maximizing wage offer.(b) If the government imposes a minimum wage of 8 will output in this industry increase, decrease, or stay the same? (Provide a rigorous justification for your response)

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