Chapter #3: Welfare Economics - Agricultural and Resource ...
Chapter #3: Welfare Economics - Agricultural and Resource ...
Chapter #3: Welfare Economics - Agricultural and Resource ...
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( a − c)<br />
PM = a −<br />
2b + d<br />
= a b + d ( ) + bc<br />
2b + d<br />
dem<strong>and</strong> = 10 − Q<br />
supply = 1+ Q<br />
10 −1<br />
10 +1<br />
QC = = 4.5 PC = = 5.5<br />
2<br />
2<br />
Q M = 9<br />
3 = 3 P M = 7<br />
<strong>Welfare</strong> under Monopsony<br />
A monopsony is the only buyer in a market.<br />
5
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