labor union objectives and goals

1. Short Answer – What is the most important labor union objective or goal? What are the three labor union models used to achieve this goal? Please discuss fully and kindly illustrate your answer by drawing diagrams or graphs and by highlighting the (outcomes) advantages and disadvantages of each model. Define a monopsony, discuss fully and kindly illustrate your answer by drawing diagram or graph to illustrate the monopsony model, as we consider it the employers/management answer to labor union strategies to artificially manipulate the supply of labor?

2. Short Answer – What is the most important labor union objective or goal? What are the there labor union models used to achieve this goal? Please discuss fully and kindly illustrate your answer by drawing diagrams or graphs and by highlighting the (outcomes) advantages and disadvantages of each model. Define a monopsony, discuss fully and kindly illustrate your answer by drawing diagram or graph to illustrate the monopsony model, as we consider it the employers/management answer to labor union strategies to artificially manipulate the supply of labor?

3) The equation of a monopolist firm’s demand curve is given by P = 1000 – 50Q. The firm has constant marginal cost of $50. Create a tabular representation of this equation. Calculate Total revenues, Marginal revenues, total cost and marginal cost (with has a constant value in our table).

a) What is the firm’s profit maximizing level price and quantity?

b) Draw a diagram showing this firm demand curve, marginal revenue and marginal cost curves?

c) Define consumer surplus? What is the value of consumer surplus of this monopolistic firm?

d) If forced to behave as a purely competitive firm (hint: consider that P = MC what will be then the price and quantity at new equilibrium? Highlight the DWL, define and compute the value of the DWL (loss of efficiency)

e) What will be then the consumer surplus under a purely competitive market structure? Explain fully why the consumer surplus is higher under purely competitive conditions?

4) The equation of a monopolist firm’s demand curve is given by P = 100 –10Q. The firm has constant marginal cost of $15. Create a tabular representation of this equation. Calculate Total revenues, Marginal revenues, total cost and marginal cost (with has a constant value in our table).

a) What is the firm’s profit maximizing level price and quantity?

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