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Calculate domestic income with given information:-
Compensation of employees = $2000
Operating surplus = $3000
Mixed income = $500
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- includes the wages paid to workers, the cost of any benefits the worker receives, and other expenses related to employing a worker. A) The price of labor (B) Marginal revenue product (C) The wage Take-home payIn an economy:- NDPFC = $24,000 Million Operating surplus = $11,000 million Mixed income = $5500 million Calculate compensation of employees2. Graphing demand for labor and computing the optimal quantity of labor demanded A company operates in a competitive market, selling each unit of output for a price of $20 and paying the market wage of $330 per day for each worker it hires. In the following table, complete the column for the value of the marginal product of labor (VMPL) at each quantity of workers. Labor Output Marginal Product of Labor Value of the Marginal Product of Labor (Number of workers) (Units of output) (Units of output) (Dollars) 20 1. 20 19 2 39 18 57 15 72 12 84 On the following graph, use the blue points (circle symbol) to plot the firm s labor demand curve. Then, use the orange line (square symbols) to show the wage rate. (Note: If you cannot place the wage rate at the level you want, move the two end points individually.) Hint: Remember to plot each point halfway between the two integers. For example, when the number of workers increases from 0 to 1, the value of the marginal product for the first…
- Carole works 35 hours a week at a wage rate of $20. Thus, her total weekly income is $700 On this income, she pays total taxes of $49.00 However, she calculates that on the last hour that she works, she pays $4.00 Carole's average tax rate is% (Round your response to two decimal places) Carole's marginal tax rate is% (Round your response to two decimal places) DA state funded report in Florida brings media attention to the wage gap between landscapers and childcare workers. Whereas childcare workers are largely female, landscapers are largely male. The state passes comparable worth legislation to bring this wage discrepancy into balance. The graph represents the market for childcare workers. Adjust the wage line to illustrate the impact an hourly wage requirement of $11.00/hour has on this market. Hourly wage ($) 54 32 no 15 14 13 12 11 10 9 8 6 LO 5 4 3 21 2 O 0 50 supply wage demand 100 150 200 250 300 350 400 450 500 Workers What impact did this legislation have on the level of employment of childcare workers? Employment decreases by 100, and the size of the surplus equals 250 childcare workers. Employment increases by 150, and the size of the surplus equals 250 childcare workers. O Employment decreases by 150, and the size of the shortage equals 250 childcare workers. O Employment increases by 100, and the size of the shortage equals 250…A competitive employer will hire inputs up to the point where the Multiple Choice marginal product of the input reaches a maximum. price of the input equals the price of the output. price of the input equals the marginal product of the input. price of the input equals the marginal revenue product of the input
- After hiring the third emplyee, John was able to produce 110 units instead of 80 units without the third employee. The price of each unit is $10. What is the Marginal Revenue Product of the third employee. $800 $1100 $3000 $1900 Not Enough InformationUse the figure below to explain the impacts of a earning that is below the equilibrium earnings of $40,000 will have on the Alaskan Labor Market and Construction of the Oil Pipeline? Labor Labor market equilibrium point Earnings 20,000 50,000 35,000The marginal product of hiring a fourth worker is 40 units of output. The wage rate is $15, and the price of output is $2. How much will the fourth worker increase the firm's revenue? $30 $40 $60 $20 $80
- Suppose that John is a high-school drop out with a market wage of $8. a. Give two reasons why John' MRPL might increase if the firm pays an efficiency wage? b. The relationship between John's wage and MRPL is given in the table below. What is the efficient wage for John? Wage ($/hour) MRPL ($/hour) $8 $8.00 $9 $9.50 $10 $11.00 $11 $12.25 $12 $13.00 $13 $13.50 $14 $14.00Sample Price Control Quiz MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question. Table 4-3 Hourly Wage (dollars) $13.00 13,50 14.00 14.50 15.00 15.50 B) 370,000 Quantity of Labor Supplied 350,000 Name 360,000 370,000 380,000 390,000 400,000 . Quantity of Labor Demanded 390,000 380,000 370,000 360,000 Table 4-3 shows the demand and supply schedules for the low-skilled labor market in the city of Westover. 1) Refer to Table 4-3. If a minimum wage of $15.00 an hour is mandated, what is the quantity of labor demanded? A) 380,000 D) 10,000 350,000 340,000 C360,000 2) Refer to table 4-3. If the maximum wage is $13.50, the market is experiencing a and this is an example of a price A) Surplus, floor B) Surplus, ceiling Shortage, ceiling D) Shortage, floor 3) Refer to Table 4-3. If a minimum wage of $14.50 is mandated by the government there will be a A) shortage of 10,000 units of labor. C) surplus of 20,000 units of labor. B) shortage of 20,000…Family Flowers employs 17 people, of whom 14 earn gross pay of $640.00 each and 3 earn gross pay of $720.00 each on a weekly basis. What is the employer's share of total social security and Medicare taxes for the first quarter of the year? (Social security tax is 6.2% of wages up to $128,400. Medicare tax is 1.45% of all wages.)