2) How many employees will the following firm use? This is a perfectly competitive market with a going price of $3, and the firm can sell as many as they want at that price. The wage that has to be paid to the employees is $30 a day. # of workers Output MPL MRP 1 42 2 82 100 4 115 5 125 6. 131 A* Still referring to question 2... What would happen if the workers unionized and negotiated higher pay, now $50 a day? How would this wage increase change your answer from above? Show what this increase in wage would look like graphically. B*Still referring to question two, does the use of each additional worker show the law of diminishing marginal returns? Explain.

2) How many employees will the following firm use? This is a perfectly competitive market with a going price of $3, and the firm can sell as many as they want at that price. The wage that has to be paid to the employees is $30 a day. # of workers Output MPL MRP 1 42 2 82 100 4 115 5 125 6. 131 A* Still referring to question 2... What would happen if the workers unionized and negotiated higher pay, now $50 a day? How would this wage increase change your answer from above? Show what this increase in wage would look like graphically. B*Still referring to question two, does the use of each additional worker show the law of diminishing marginal returns? Explain.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Quantity Wage Rate Supplied 1 2 3 4 5 $5 10 15 20 S5855 25 Refer to the given supply information facing a single firm in a particular labor market. This labor supply curve demonstrates that Multiple Choice O the firm is selling its output under imperfectly competitive conditions. the firm is selling its output under purely competitive conditions. higher wage rates must be paid to successive workers to overcome their higher opportunity costs. the firm is hiring labor under purely competitive conditions.
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Employment 0 1 2 3 4 5 6 Total Product 0 12 22 30 36 40 42 Multiple Choice Refer to the given table. If the firm is hiring workers under purely competitive conditions at a wage rate of $35, it will employ 5 workers. 3 workers. 4 workers. Product Price $6 6 6 6 6 6 6 2 workers.
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lll ll Question 3: In 2018 steel workers in America received the biggest wage increase in six years after long negotiations with the steel companies. Source: Singh, Rajesh Kumar (2018). See link: https://www.reuters.com/article/us-u-s-steel-union-contract- exclusive/exclusive-u-s-steel-workers-set-to-get-biggest-pay- raise-in-years-sources-idUSKCN]MQ2Q3 At the same time the price of aluminium, which is a substitute for steel, has seen a price drop in 2018 selling at below US$2000 a tonne. This is mainly due to increased supply of aluminium from China. Source: Djukanovic, Goran (2018). See link: https://aluminiuminsider.com/aluminium-year-in-review-and- what-to-expect-in-2019/ What are the effects on the equilibrium price and quantity of steel if the wages of steelworkers rise and, simultaneously, the price of aluminium falls? Draw a diagram to support your answer.
5. As an employer hires more labor, we expect the marginal revenue product of labor to: a. Increase. b. Decrease. c. Remain constant. d. Impossible to determine. 6. If a firm has market power ( as opposed to being perfectly competitive) and can thus exercise some control over wages, a. It will pay a wages less than MRP. b. it will pay a wage eqaul to MRP. c. it will pay a wage greater than MRP. 7. Rasing the minimum wage will a. Create a surplus of labor. b. raise workers' wages. c. Increase unemployment. d. all of the above. 8. The ease with which people will increase or decrease their income relative to the rest of society is called: a. Income inequality. b. consumption inequality. c. Economic mobility. d. progressive taxation. 9. what is one reason why income inequality in a society might result in economic efficiency? a. it will raise everyone's standard of living equally. b. it will provide an incentive for people to acquire valuable skills. c. it will fully utilize the abilities…