2. Assume that men and women can do fruit-picking. Both expose the same productivity. Theproduction function for fruit-picking is:Q = 100(LmLw)Where Lm if the level of employment for men and Lw is the women's employment level.Consider Wm $20, as the wage paid to men, Ww=MPLm = 100Lw, and MPLW= 100Lm= $20, the wage paid to women,a) Find the LA - Lc ratio. Explain the interpretation of this ratio.b) Due to new policies, the Ww rise to $40. Show the substitution effect.c) If this firm wants to pick 40,000 fruits, how many men and women will be employed?Consider $20 as a wage for women and men.

Let's break down each part of the problem.Given Information:Production function: Q=100(LmLw)Wages:…

Answered: 2. Assume that men and women can do…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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d. Based on both the consumption-leisure optimality condition obtained in previous part (Based on both of the two first-order conditions, construct the consumption-leisure optimality condition) and on the budget constraint, qualitatively sketch two things in a diagram with the real wage on the vertical axis and labor on the horizontal axis. First, the general shape of the relationship between w and n (perfectly vertical, perfectly horizontal, upward-sloping, downward-sloping, or impossible to tell). Second, how changes. in / affect the relationship (shift it outward, shift it inward, or impossible to deter mine). Briefly describe the economics of how you obtained your conclusions.
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A6
Q35 In order to maximize profits, a firm needs to determine the quantity of each factor that it will employ, which is dictated by price as well as productivity of the factor. Assume farmer in the Ottawa area named Justin Trudeau has fixed amounts of land and capital finds that total product is 24 for the first worker hired, 32 when two workers are hired, 37 when three are hired, and 40 when four are hired. Justin Trudeau's product sells for $3 per unit, and the wage rate is $13 per worker. What is Justin Trudeau's profit-maximizing output? Multiple Choice 16. 40 37 20 32
Q49 In order to maximize profits, a firm needs to determine the quantity of each factor that it will employ, which is dictated by price as well as productivity of the factor. Assume farmer in the Ottawa area named Justin Trudeau has fixed amounts of land and capital finds that total product is 24 for the first worker hired, 32 when two workers are hired, 37 when three are hired, and 40 when four are hired. The farmer's product sells for $3 per unit, and the wage rate is $13 per worker. The marginal revenue product of the second worker is Multiple Choice $9 $15 $24 $8 $14.
The lines on the graph are budget constraints, showing the tradeoff between labor and leisure. Suppose that when the wage changes, an individual chooses to move from point A to another point on the graph. For each of the other points, where would it belong on the backward bending labor supply curve? Backward‑bendingportionVerticalportionUpward‑slopingportion Answer Bank B D F C E
(Based on Chapter 2, Problem 1 of Benjamin et al., 2031) Amit has $2000 of annual non-labour income. He has 80 hours per week that he can allocate between labour and leisure, for 80 x 52 = 4160 hours per year. His current wage rate is $20 per hour and he chooses to work 2200 hours a year. (a) Draw a leisure - labour diagram, clearly indicating Amit's current labour supply decision. (Your diagram should be clearly labeled and include Amit's budget line and an indifferent curve showing his leisure and consumption of goods and services at his optimal choice. Use the figures provided to find the y-intercept and his consumption if he doesn't work.) (b) Amit's wage rate increases to $25 per hour. In response, he increases his labour supply to 2300 hours. If he were "compensated" accordingly, at this new wage rate he would be just indifferent to working 2200 hours at his original wage rate and working 2400 hours at the new wage. Illustrate Amit's new optimal choice. Use the information…
1. The demand for labor Consider Live Happley Fields, a small player in the strawberry business whose production has no individual effect on wages and prices. Live Happley's production schedule for strawberries is given in the following table: Labor Input Total Output (Number of workers) (Pounds of strawberries) 0 WAGE RATE (Dollars per worker) 300 Suppose that the market wage for strawberry pickers is $170 per worker per day, and the price of strawberries is $12 per pound. 270 On the following graph, use the blue points (circle symbol) to plot Live Happley's labor demand curve when the output price is $12 per pound. Note: Remember to plot each point between the two integers. For example, when the number of workers increases from 0 to 1, the marginal revenue product of the first worker should be plotted with a horizontal coordinate of 0.5, the value halfway between 0 and 1. Line segments will automatically connect the points. 240 210 180 150 120 90 60 30 1 0 2 3 4 5 0 0 18 34 48 60 70…
(Problem 1, Page 437) A firm identifies the following relationship between the real wage it pays and the effort exerted by its workers: Real Wage 8 10 12 14 16 18 The marginal product of labor for this firm is MPN = E(100-N)/15 Effort 7 10 15 17 19 20 where E is the effort level and N is the number of workers employed. If the firm can pay only one of the six wage levels shown, which should it choose? How many workers will it employ? There are 200 workers in the town where the firm is located, all willing to work at a real wage of 8. Does this fact change your answer to the first part of this question? If so, how?
please answer in text form and in proper format answer with must explanation , calculation for each part and steps clearly
Can you please help solve question 10 a,b and c please show full working so I can compare it to my own work Thank you

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