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Explain in two ways how the equilibrium wage can be disturbed
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- Suppose the supply of soccer players is give by the the equation Ls=W/10 and the valu of the marginal product is given by VMPL=100,000 - 100LD. Question 1 Compute the equilibrium number of players hired in a competitive labor market. Round to the nearest whole number. Question 2 Compute the equilibrium the wage paid to each player in a competitive labor market. Round to the nearest dollar.Look at the graph below. Labor demand falls from D0 to D1 due to an economic recession. What is the resulting wage in the short-run due to this shift in demand? HINT: Consider whether this is a situation in which the wages are sticky or flexible. Wage Rate 40 35 30 25 20 15 10 5 0 5 10 15 20 25 30 Quantity of Labor D1 35 40 DOA Wt WZ- W3+ W4 W5+- 1 1 + - 25 Q5 Q4 Q3 QZ MRP - MFC (MC₂) Q1 •SL VMP LABOR
- Explain what happens to Pe and Qe when supply increases and when supply falls.Suppose the supply curve of lab assistants is given by w = 8 + 6E, while the demand curve is given by w = 40 – 2E. (Assume is in 000s of persons and w is the annual salary in thousands of dollars). Calculate the equilibrium wage and employment level.Use a graph of labor supply and labor demand to illustrate the impact of each of the folllwing events on the equilibrium wage rate and the equilibrium level of employment in a labor market. (Analyze these as two separate unrelated events). Be sure to label your graph clearly to show the direction of the shift as well as an initial equilibrium and the new equilibrium after the event. A. A decline in the productivity of this type of labor B. An increase in the preference for work versus leisure.
- Calculate MPL & MRP to determine how many employees the firm should hire. 1) Calculate MPL and the MRP of the business. We can assume that price = $3 and that the business must pay a wage to its employees of $20 per day. # of employees: Output MPL MRP 1 90 120 132 4 140 5 142 6 143 A*Based on these numbers, how many employees should this business use? Explain your answer. B*Show what the graph would like this for this firm if we have lines for wage and MRP. Show where they would cross and the optimal number of employees used also C*Explain what you think would happen if demand went up for the product and now price goes up to $4. LOConsider the labor market for webpage designers illustrated in the graph to the right. What is the equilibrium wage? per hour. (Enter a numeric responses using an integer.) Suppose fewer firms demand webpages. Use the line drawing tool to draw either a new labor supply curve or a new labor demand curve that shows how this affects the labor market for webpage designers. Carefully follow the instructions above, and only draw the required objects. As a result of this change, the equilibrium wage increases decreases Wage (dollars per hour) 300- 275- 250- 225- 200- 175- 150- 125- 100- 75- 50- 25- Market for webpage designers Labor supply₁ X Labor demand₁ 20 40 80 100 120 140 60 Quantity of labor Q Ly ✪You are given a scenario where this a change in a factor of production or a change in demand for an item. You need to explain in sentence form how this would change demand for labor. You own a sports equipment manufacturing firm. You were just informed rent at your warehouse space would double.
- One of the factors in z, the catch-all variable, is the minimum wage, a price floor below which the nominal wage cannot go A decrease in this factor will be expected to the nominal wage.We can produce widgets with two inputs – labour and capital. The two inputs are perfect substitutes. Current technology methods allow one machine to do the work of three labourers. The widget factory wishes to produce one hundred units of output. The price of capital is $750 per machine per week. What combination of inputs will the firm use if the weekly salary of each worker is $300? What combination of inputs will the firm use if the weekly salary of each worker is $225? Draw isocost line to help structure your thinkingAssume that the labour demand equation for a fictional country is L = 90 – 2(w), where w is the wage per hour worked. Also, assume that the labour supply equation for that country is Ls = 0.5(w). Instructions: Round your answers to the nearest whole number. a. The equilibrium wage is $ , and the equilibrium quantity of labour employed is workers. b. At the equilibrium wage, | people are unemployed. c. If the supply of workers increased, the number of unemployed would: O stay the same as long as the wage is free to quickly adjust. O decrease. O increase.
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