- Use The Following Information For The Next 7 Questions Assume That In The Market For Labor For College Basketball You 1 (21.3 KiB) Viewed 11 times
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Question 9 Assume initially that there is a competitive equilibrium in the market for college basketball labor. What is the quantity of labor that will be employed in this market? Hint: round to 2 decimal places and do not include units Example: if the answer is 32.8866633452 units of labor, enter 32.89 4 pts Question 10 4 pts Assume initially that there is a competitive equilibrium in the market for college basketball labor. What is the wage that will be paid for labor in this market? Hint: round to two decimal places and enter your answer without a $ sign
Question 11 4 pts Now assume that the NCAA can act as a monopsonist when negotiating labor contracts. What is the quantity of labor that will be employed in this market? Hint: enter your answer without any units Example: if the answer if 56 units of labor, enter 56 Question 12 4 pts Now assume that the NCAA can act as a monopsonist when negotiating labor contracts. What is the wage that will be paid per unit of labor in this market? Hint: enter your answer without a $ sign Example: if the answer is $89, enter 89
Question 13 4 pts Now assume that the NCAA can act as a monopsonist when negotiating labor contracts. What is the value of welfare transferred from athletes to the NCAA? Hint: round to two decimal places and enter your answer without a $ sign Example: if the answer is $4,413.682341, enter 4,413.68
Question 15 10 pts Draw a graph illustrating this market. Be sure to title your graph and label your axes. Your graph should have: Demand curve (labeled) Supply curve (labeled) Marginal cost curve (labeled) Equilibrium wage and quantity (with numbers for them) Monopsonist wage, quantity, marginal cost, marginal revenue product (with numbers for them) Points on wage axis where supply and demand intersect wage axis (with numbers for them) Upload your graph as a part of this question as a PDF. If you do not upload it as a PDF, you will lose points. You must upload the graph as a part of the exam. Do not email me your graph.