Madison Hospital is a monopsonist employer of nurses in a small city. The market supply function of Show more Madison Hospital is a monopsonist employer of nurses in a small city.
The market supply function of nurses is Qs = 0.01W 600 where W is annual wage of a nurse in dollars and Q is the number of people who would accept employment as a nurse. (a) What is Madison Hospitals marginal expenditure when it hires 100 nurses? (b) How does Madison Hospitals marginal expenditure compare to the wage when it hires that number of nurses? (c) Suppose that its demand function for nurses is Qd = 900 0.01W . What is its profit-maximizing number of nurses and wage? (d) What would the number of nurses hired and the wage be if Madison Hospital acted like a price taker? Show less
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