1) Explain how market forces might give a business an incentive to act in a less discriminatory fashion. An assembly line has traditionally only hired men, but it is having a hard time hiring sufficiently qualified workers

1) Explain how market forces might give a business an incentive to act in a less discriminatory fashion. An assembly line has traditionally only hired men, but it is having a hard time hiring sufficiently qualified workers

Survey Of Economics

10th Edition

ISBN:9781337111522

Author:Tucker, Irvin B.

Publisher:Tucker, Irvin B.

Chapter10: Labor Markets And Income Distribution

Section: Chapter Questions

Problem 6SQ

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Similar questions

1. Why is a firm's demand for labor considered a 'derived demand?' What is it derived from? 2. The marginal cost of labor (MCL) is equal to what for a firm that operates in a competitive labor market? How does this compare with the MCL for a monopsony.
Explain how two companies in the same area, hiring identical workers, could pay them different wages.
Answer this question based on the information in the table:If hiring the 7th worker increases total product by 5 units, and the price of each unit is $2, which of the following is true? Number of Workers Total Cost0 501 1102 1603 2004 2405 2506 2607 2808 3109 35010 400 The firm should not hire the 7th worker as MR<MC. Marginal revenue equals $2. The firm should hire the 7th worker as MR>MC. The firm should not hire the 7th worker as MR<TC.
What is the Marginal Profit of adding a 4th worker? Group of answer choices: $300 $700 $500 $900
QUESTION 15 Answer this question based on the information in the table:If hiring the 6th worker increases total product by 7 units and the price of each unit is $2, which of the following is true? Number of Workers Total Cost 0 50 1 110 2 160 3 200 4 240 5 250 6 260 7 280 8 310 9 350 10 400 The firm should not hire the 6th worker as MR<MC. Marginal revenue equals $2. The firm should hire the 6th worker as MR>MC. The firm should not hire the 6th worker as MR<TC.
Suppose a campus restaurant increases the number of workers it hires from 3 workers per day to 11 workers per day. As a result, its total revenue increases from $135 per day to $550 per day. a. Assuming that each worker is equally productive, what is the marginal revenue product per day of each additional worker? $ b. Assuming the restaurant is using its resources in a profit-maximizing way, and that each worker works 5 days each week, what is the current weekly wage rate in the labor market? $ per week
small hospital in rural Alaska is a monopsony employer of nurses. The nurses unionize. They have little power at the bargaining table, but they do bargain for a slightly higher wage. What happens to the number of nurses employed? What happens to labor costs and marginal labor costs?
Suppose a campus restaurant increases the number of workers it hires from 5 workers per day to 13 workers per day. As a result, its total revenue increases from $225 per day to $650 per day. Instructions: Enter your answers rounded to two decimal places. a. Assuming that each worker is equally productive, what is the marginal revenue product per day of each additional worker? b. Assuming the restaurant is using its resources in a profit-maximizing way, and that each worker works 5 days each week, what is the current weekly wage rate in the labor market? 2$ per week
The following diagram provides the demand for labour (DL) of a remote gold mine, and the local community's supply of labour (SL). The mining company has a monopsony in the local labour market. W ($ per week) 2000 1500 1000 500 0 L (miners) 5 10 15 20 25 30 1. Use the information in the diagram to provide an equation for the demand for labour function and the supply of labour function. Show your work in the space provided. 0 SL 2. From the information in the diagram, estimate the mine's expenditure on labour (E) function its marginal expenditure on labour (ME) function. Show your work in the space provided. 3. The profit maximizing monopsonist will Q = miners and pay them a wage w = $_ week. Show your work in the space provided and in the above diagram. 4. The Dead-weight-loss from monopsony is DWL = $_ this paper and on the above diagram. Show your work on the back of per
The following table shows the relationship between workers and output for a factory in the short run, with capital held constant. This firm is a monopoly in the output market, and price and marginal revenue for the firm are also given in the table. Find the marginal revenue product of labor (MRPL). Marginal Physical Product (MPPL) Labor Input 0 1 2 3 4 5 If the wage rate is $408, this firm will hire 0 20 14 12 9 3 workers. In general, a monopolist will employ Price of Output (P) 40 39 38 37 36 35 Marginal Revenue (MR) 38 36 34 32 30 workers than a similar competitive firm. MRPL 760 504 408 288 90
3. A monopsonist's inverse demand for labor can be written as D-'(w) = VMP(E) = 40 – 0.005ED. Labor is supplied to the firm according to the inverse supply function S-(w) s(E) = w = 5+ 0.01E3. %3D
Which of the following is characteristic of a labor market that is a monopsony? Multiple Choice О The supply curve for labor lies above the marginal resource cost curve of the firm. О The type of labor available is relatively mobile from one industry to another. The firm's employment is a small portion of the total employment of that type of labor. The wage rate the firm must pay varies directly with the number of workers it employs.