Exactly what I was looking for! To be clear, if this was a competitive market (not monopsonistic) our first step would just be to set Ls and Ld equal and solve for w, right? Because at equilibrium supply and demand must be equal?
The most common mistake is to plug 11 back into MCL or the labor demand. If you do this, you will get a wage = $49, and at a wage of $49, the quantity of labor supplied (based on the supply equation) exceeds 11, where 11 is the profit maximizing value.
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Exactly what I was looking for!
To be clear, if this was a competitive market (not monopsonistic) our first step would just be to set Ls and Ld equal and solve for w, right? Because at equilibrium supply and demand must be equal?
You are correct on how to solve if it was competitive market.
Should not we plug 11 back on either MCL or MRP instead of inverse supply equation?
The most common mistake is to plug 11 back into MCL or the labor demand. If you do this, you will get a wage = $49, and at a wage of $49, the quantity of labor supplied (based on the supply equation) exceeds 11, where 11 is the profit maximizing value.
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