3 different workers can produce tables that are sold at a price of $200 each for a carpenter shop. Worker A can produce 1 table every day, using $40 in materials and equipment Worker B can produce 1 table every 2 days, using $40 in materials and equipment Worker C can produce 1 table every day, using $80 in materials and equipment. a) Assuming the market for workers is competitive, what should be the daily salary for each worker? Worker A: $ per day Worker B: $ per day Worker C: $ per day b) If a union declares that workers should be paid at least $100 per day, what happens? Worker(s) and get hired at the above rates, while is not c) If workers have no other employment opportunities available around, and are willing to work at a subsistence rate of $50 per day (and any less than that they choose to move away from the city), what would be the wage paid to each worker? $

3 different workers can produce tables that are sold at a price of $200 each for a carpenter shop. Worker A can produce 1 table every day, using $40 in materials and equipment Worker B can produce 1 table every 2 days, using $40 in materials and equipment Worker C can produce 1 table every day, using $80 in materials and equipment. a) Assuming the market for workers is competitive, what should be the daily salary for each worker? Worker A: $ per day Worker B: $ per day Worker C: $ per day b) If a union declares that workers should be paid at least $100 per day, what happens? Worker(s) and get hired at the above rates, while is not c) If workers have no other employment opportunities available around, and are willing to work at a subsistence rate of $50 per day (and any less than that they choose to move away from the city), what would be the wage paid to each worker? $

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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