Final answer:
The monopsonist's marginal cost of labor at each level of employment and the firm's profit maximizing level of employment and wage.
Step-by-step explanation:
The question asks about the monopsonist's marginal cost of labor at each level of employment and the firm's profit maximizing level of employment and wage.
a. Monopsonist's marginal cost of labor:
The monopsonist's marginal cost of labor refers to the additional cost incurred by the monopsonist when hiring an additional unit of labor. It can be calculated by dividing the change in total cost by the change in employment.
b. Firm's profit maximizing level of employment and wage:
The firm's profit maximizing level of employment is the level at which the marginal cost of labor equals the marginal revenue product of labor. The marginal revenue product of labor is the additional revenue generated by hiring an additional unit of labor. The firm's profit maximizing wage is the wage rate that corresponds to the profit maximizing level of employment.