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In a coal-mining company town, one employer is the sole buyer of labor services. The labor...

In a coal-mining company town, one employer is the sole buyer of labor services. The labor supply curve is given by QL = –700 + 100W.

  1. Invertthelaborsupplycurvesothatthewageisexpressedintermsofthe quantity; then graph the quantity of labor supplied at each possible wage.

  2. Find the firm’s marginal expenditure curve,and graph it.

  3. Explainwhythefirm’smarginalexpenditureishigherthanthelaborsupply

    curve at all possible hiring levels.

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