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- Use a graph of labor supply and labor demand to illustrate the impact of each of the folllwing events on the equilibrium wage rate and the equilibrium level of employment in a labor market. (Analyze these as two separate unrelated events). Be sure to label your graph clearly to show the direction of the shift as well as an initial equilibrium and the new equilibrium after the event. A. A decline in the productivity of this type of labor B. An increase in the preference for work versus leisure.You own a farm, you hire labor and capital to produce apples. The marginal product of the last unit of labor input is 15 and the marginal product of the last unit of capital input is 45. The market wage for labor is SB. If you are using the optimal combination of inputs, then the price of capital is? Select one: a. $45 Ob. $24 c. $360 Od. $3You are given a scenario where this a change in a factor of production or a change in demand for an item. You need to explain in sentence form how this would change demand for labor. You own a sports equipment manufacturing firm. You were just informed rent at your warehouse space would double.
- Explain the rule that proft-maximizing frms follow when they decide howmuch capital and labor to hire.In the short run, a tool manufacturer has a fixed amount of capital. Labor is a variable input. The cost and output structure that the firm faces is shown in the table below. Assume the product price is $2. a. Calculate the marginal revenue product and the marginal resource cost, and then fill in the blanks in the labor supply table. Instructions: Enter your answers as a whole number. Marginal Marginal Resource Units of Total Labor Marginal Product Wage Rate Total Product Revenue Labor Cost Product (Labor) Cost 10 200 $11 $110 11 220 20 12 132 12 238 18 13 156 13 254 16 14 182 14 268 14 15 210 15 280 12 16 240 b. What are the equilibrium wage rate and level of employment? Equilibrium wage rate = $ %3D Equilibrium level of employment workersIn a competitive labor market for bakers, the equilibrium wage rate .. A. rises if the market price of bakery items falls OB. rises if new technology makes it easier for anyone to be a baker OC. falls if the supply of bakers decreases D. rises if bakers become more productive
- The idea of "economic rent" can be applied to resources other than land. What is economic rent? O The additional "pay" the owner of a resource can earn greater than its "supply price." It's when supply is greater than demand. |0|0|0 O It applies to apartment rent in large cities where rents are outrageous. OIt refers to ridiculously high taxes on entrepreneurs.QUESTION 3 Two inputs, labour (L) and capital (K) are used to produce a given output. The Marginal Product of L is equal to K: the Marginal Product of K is equal to L The hourly wage is w = 1; the interest rate is r= 2. Which of the following mixes of inputs could be cost minimizing for some level of production? O a. (K-0, L=100) Ob.(K=100, L-200) OC (K-200, L=100) O d. (K-1, L=3) O e (K=0, L-3)Macmillan Learning Consider the table, which reports production information for a firm that uses a fixed amount of capital and varying amounts of labor. Use this information to answer the questions. Do not round answers. What is the marginal product of the third worker? Third worker's marginal product: units What is the average product of the second worker? Round your answer to the nearest whole number. Second worker's average product: units What are diminishing marginal returns, and with which worker do they set in for this firm? Diminishing marginal returns occur in the short run when variable inputs are added to a fixed input, and marginal product declines. In this case, diminishing returns set in with the fourth worker. O Diminishing marginal returns occur in the short run when variable inputs are added to a fixed input, and product declines. In this case diminishing Workers 1 2 3 4 Output (total product) 23 27 33 37
- What causes the labor supply curve sometimes to bend backward at higher wages? O It can be harder to get a high wage job. O An employee may want to work less if wages are higher. O An employer may not be willing to hire as many workers at higher wages. An employee may want to work more days at higher wages. O An employer might allow fewer breaks at higher wages.In the short run, the owner of a firm should continue to hire additional units of labor until: a. the price of the product is equal to the wage rate divided by the marginal product of labor. b. the wage rate is equal to the price of the product multiplied by the marginal product of labor. c. the marginal product of labor is equal to the wage rate divided by the product price. d. Both a and c are correct. e. All of the above are correct.in competitive labor market. O. The company's marginal expense of labor is equal to the company's salary O. Then the company can buy as much as it wants of labor at the same wage O. Then the salary that the company pays can be regarded as constant. O. All other options are correct.