Explain the law of Wages Theorem on diagram

The graph illustrates the Law of Wages Theorem in a competitive labor market. Let's break down the…

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ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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kwame's employer increased his wages from GHC 20 an hour to GHC 25 an hour. He worked eight hours a day before the wage change but now choses to work 6 hours a day on an average. Derive the labour supply curve for Kwame and explain the shape of the curve
suppose Fred produces 500 litres of milk every day with 10 workers. the price of milk is $12 per litre, and each worker is paid $550 daily. if th margin product of the last worker employed is 40 litres of milk, explain whether Fred is maximizing his profit. If not, can Fred incrase his profit by employing more or fewer workers? If Fred buys more dairy cattles, how will it affect his demand for labor? Explain with a diagram.
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QUESTION 3 Two inputs, labour (L) and capital (K) are used to produce a given output. The Marginal Product of L is equal to K: the Marginal Product of K is equal to L The hourly wage is w = 1; the interest rate is r= 2. Which of the following mixes of inputs could be cost minimizing for some level of production? O a. (K-0, L=100) Ob.(K=100, L-200) OC (K-200, L=100) O d. (K-1, L=3) O e (K=0, L-3)
What causes the labor supply curve sometimes to bend backward at higher wages? O It can be harder to get a high wage job. O An employee may want to work less if wages are higher. O An employer may not be willing to hire as many workers at higher wages. An employee may want to work more days at higher wages. O An employer might allow fewer breaks at higher wages.
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please also do the graph thank you
Explain labour demand in short with a diagram.
Q10
Q9
Karen works at a fast food restaurant. When her wage rate was $10 per hour, she worked 30 hours per week. When her wage rose to $13 per hour she worked 40 hours per week. When her wage rose to $17 per hour, she decided to work $35 hours per week. a. Draw Karen's individual labor S curve b. Is Karen's behavior irrational or can you find a rational explanation. Explain your answer. You are th
Complete the following labor supply table for a firm hiring labor competitively: Total Labor Cost Marginal Resource (Labor) Cost Marginal Revenue Product Units of Labor Wage Rate $14 14 $38 2 14 28 3 14 24 4 14 20 5 14 14 6 14 10 a. Show graphically this firm's labor supply and marginal resource (labor) cost curves. Instructions: (1) Use the tool provided 'MRC' to draw the marginal resource cost curve (plot 6 polnts total). (2) Use the tool provided 'MRP' to draw the marginal revenue product curve (plot 6 polnts total). To earn full credit for this graph, you must plot all required polnts for each curve. Тools MRC MRP 1. 3 4 5 6 7 Quantity of labor Wage rate (dollars)

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