Mr Barnes' Mine Has a Monopoly on Coal Production in the Local

question 5

Essay

Mr. Barnes' Mine has a monopoly on coal production in the local community. Also, Mr. Barnes' Mine is the sole employer in the local community. The market supply of labor is:
L^S(w) = 50w - 250
Or equivalently
w = 50 + 0.02L^S
Mr. Barnes' wage bill is:
WB = 50L + 0.02L²
The resulting marginal expenditure of labor function is:
ME(L) = 50 + 0.04L
The marginal product of coal as a function of labor is: = 0.01.
The marginal revenue of coal sales as a function of labor is:
MR(L) = 100,000 - 28.57L
Determine Mr. Barnes' marginal revenue of the product of labor. What is Mr. Barnes' optimal employment of labor? What is the wage rate Mr. Barnes pays for a unit of labor?

Appreciate the stability and change of intelligence over time.

Recognize the relationship between creativity and intelligence.

Understand strategies to nurture creativity in educational settings.

Identify the influence of cultural and environmental factors on intelligence testing and creativity.

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