Consider an economy with two labor markets: one for manufacturing workers and one for service workers. Suppose initially that neither is unionized.Which of the following will happen to the manufacturing labor market if manufacturing workers formed a union? Check all that apply.The wage of manufacturing workers will fall.The demand for manufacturing workers will remain unchanged.The supply of manufacturing workers will increase.Some manufacturing workers will become unemployed.Which of the following describes the effect of the changes in the manufacturing labor market on the market for service workers, which isnot unionized? Check all that applyThe wage of service workers will fall.The supply of service workers will remain unchanged.The demand for service workers will remain unchanged.There will be an increase in employment in the service sector.

If manufacturing workers formed a union, the wage of manufacturing workers will increase, the demand…

Answered: Consider an economy with two labor…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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ps OS Consider two hypothetical states that operate under different laws governing labor unions. The following graph shows the labor market in a state in the West. Initially, the market-clearing wage in this state is $8.00 per hour. Now, suppose that the General Assembly in this western state passes a law that makes it easier for workers to join a union. Through collective bargaining, the union negotiates an hourly wage of $10.00. Use the graph input tool to help you answer the following questions. You will not be graded on any changes you make to this graph. WAGE (Dollars per hour) 16 14 12 10 1.00 8 O 2 10 Supply Demand 0 200 400 600 800 1000 1200 1400 1800 LABOR (Thousands of workers) At the union wage, Graph Input Tool Market for Labor Enter $10.00 into the box labeled Wage on the previous graph. Hint: Be sure to pay attention to the units used on the graph. union workers will be employed. Wage (Dollars per hour) Labor Demanded (Thousands of workers) 2.00 1,400 Labor Supplied…
Based on the accompanying labor-market diagram, if the minimum wage is increased by from $7 to $9 per hour, the number of unemployed workers will workers. Wages per hour $10 $9 $7 Labor Supply A 60 80 100 120 140 Number of workers employed Labor Demand Answer: Since the price floor is not binding, the number of unemployed workers will not change
Which of the following scenarios would best represent the backwards supply curve seen on the Labor Supply Graph? Group of answer choices Katie is offered double time for every hour she works over 40 each week. She signs up for an extra 20 hours a week. Kalia got a promotion and a raise, she books 2 extra weeks of vacation for next year. Josie took 3 weeks of vacation last year. This year, she got a new job with higher pay and decides to take 1 week of vacation instead.
The marginal product of labor for a firm is given by: MPL = 188 - 4H, where H is the number of hours they hire workers to work. For example, the marginal product of the first hour of labor would be 188 - 4*1, and the marginal product of the second hour of labor would be 188 - 4*2. If the market wage is $18 per hour, how many hours of labor will this firm hire? Round your final answer to two decimal places.
Labor and Wages The following chart provides information on a firm that hires labor competitively and sells its product in a competitive market. Units of Labor Total Product Output Price 14 $5 26 $5 3 37 $5 4 46 $5 53 $5 58 $5 a. How many units of labor would be employed if the market wage rate were $40? Why? b. What would happen to employment if the wage rate rose to $50? Explain your answer.
Ted’s café hires workers to produce lattes. The market for lattes is competitive and the price of a latte is $4. The labor market is also competitive, and the wage rate is $40 a day. The table shows the workers’ total product schedule. If Ted’s Cafe is one of 300 firms in the latte market, how many workers will be employed in the market at this price? Ted’s Café installs a new latte equipment that increases the productivity of workers by 50%. If the price of a latte remains at $4 and the wage rises to $48 a day, how many workers does Ted Café hire and why?
Suppose that a car factory initially hires 1,600 workers at $20 per hour and that each worker works 40 hours per week. Then the factory unionizes, and the new union demands that wages be raised by 25 percent. The firm accedes to that request in collective bargaining negotiations but then decides to cut the factory’s labor force by 30 percent due to the higher labor costs.
The marginal product of labor for a firm is given by: MPL = 176 - 4H, where H is the number of hours they hire workers to work. For example, the marginal product of the first hour of labor would be 176 - 4*1, and the marginal product of the second hour of labor would be 176 - 4*2. If the market wage is $14 per hour, how many hours of labor will this firm hire? Round your final answer to two decimal places.
The equilibrium quantity of labor increases and the equilibrium wage decreases when: A) labor supply shifts to the right, if wages are flexible, B) labor supply shifts to the left, if wages are flexible. C) labor demand shifts to the left, if wages are flexible. D) labor demand shifts to the right, if wages are flexible.
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What economic factors influence the success or failure of labor strikes, and how do these factors impact both workers and employers?

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