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Labor Economics 5th Edition by George Borjas
Edition 5ISBN: 978-0073511368Labor Economics 5th Edition by George Borjas
Edition 5ISBN: 978-0073511368 Exercise 17
Polly's Pet Store has a local monopoly on the grooming of dogs. The daily inverse demand curve for pet grooming is:
P = 20 - 0.1 Q
where P is the price of each grooming and Q is the number of groomings given each day. This implies that Polly's marginal revenue is:
MR = 20 - 0.2 Q.
Each worker Polly hires can groom 20 dogs each day. What is Polly's labor demand curve as a function of w , the daily wage that Polly takes as given
P = 20 - 0.1 Q
where P is the price of each grooming and Q is the number of groomings given each day. This implies that Polly's marginal revenue is:
MR = 20 - 0.2 Q.
Each worker Polly hires can groom 20 dogs each day. What is Polly's labor demand curve as a function of w , the daily wage that Polly takes as given
Explanation
Verified
Verified
Given;
Demand curve: P = 20-0.1Q
Margin...
Labor Economics 5th Edition by George Borjas
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