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["Optimal Wage Setting with an Upward-Sloping Labor Supply Curve (Monopsony)-- Spreadsheet Example"]
[null,"for Figure 13.1 in Kuhn, P. Personnel Economics"]
[]
["Productivity (Q) =",null,10]
["Labor supply elasticity (η) =",null,0.25]
["Labor supply function:  N = K*(w^η), where K = 100/(10^η)"]
["Note:  the spreadsheet automatically picks K to ensure that 100 workers are always available when the wage = 10:  "]
[null,"K = ",{"$f":"100/(10^C5)","v":56.2341325190349}]
["Profit-maximizing wage (from the formula, w = Q*η/(1+η):",{"$nulls":3},{"$f":"$C$4*$C$5/(1+$C$5)","v":{"v":2,"d":"2.00"}}]
[]
[]
[null,null,"number of"]
[null,"wage","workers","profits"]
[null,"(w)","(N)","(π = (Q-w)*N)"]
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