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(Figure: Shifts of the AD–AS Curves) Use Figure: Shifts of the AD–AS Curves. A decrease in wages in the short run is illustrated by panel:
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- Amazon sets a demanding pace on the job Adapted from: Byers, S.M. & Stanberry, K. (2018). Business Ethics. OpenStax. In a visit to an Amazon distribution center, a group of business students and their professors met with the general manager. After taking them on an extensive tour of the five-acre facility, the general manager commented on the slowness of the visitors’ walking pace. He described the Amazon Pace, a fast, aggressive walk, and confirmed that the average employee walks eight or nine miles during a shift. These employees are called “pickers,” and their task is to fill an order and deliver it to the processing and packing center as quickly as possible. The design of the center is a trade secret that results in a random distribution of products. Therefore, the picker has to cover a number of directions and distances while filling an order. Those who cannot keep up the pace are usually let go, just as those who would steal. Does the requirement to walk an average of…Please help me answer the following question with graphs: Suppose there is a reduction in income taxes. How will this affect the unemployment rate in the short run and the medium run?Summarize the articel. KUALA LUMPUR, Nov 3 ― A research by Khazanah Research Institute (KRI) found that agriculture employment has declined significantly to just 10.2 per cent out of the total employment nationwide in 2019, from 31.2 per cent in 1982. According KRI’s recently published report, “Work in an Evolving Malaysia: The State of Households 2020 Part II”, the decline was due to the country’s economic structure that has evolved over the years and caused concentration of economic activities continuing to differ between states. “The agriculture sector however remains an important source of employment in the north and east coast states such as Pahang, and in Sabah and Sarawak,” said KRI in the report. KRI found that the agriculture jobs tend to have slower productivity levels (Gross Domestic Product per employment) compared to states with less concentration in agricultural activities. “Additionally, agriculture has consistently reported a higher incidence of fatal injuries. “In some…
- Refer to the graph to answer this question. Which of the following will make Labor Demand for Grotto Pizza shift from D1 to D2? A. Less people want to eat at Grotto pizza. B. More people move to Delaware from other states. C. More people want to eat at Grotto Pizza. D. More people move to Delaware from other countries.fill in the following tableWhen a firm hired it tenth worker, its factory output increase by four units per month. Would you expect the firm's output to increase by eight more units per month if the firm hired two more workers? Explain
- Q1). Suppose the labor market is initially at its equilibrium, i.e., the labor supplied equals the labor demanded. Now suppose IBM develops a new computer chip that makes computer incredibly faster. Explain and show graphically how the arrival of a new, more productive technology affects the labor market. Draw the full graph and provide a detailed explanation of the effect. Label the axes/curves, explain why either the aggregate labor demand curve or the aggregate labor supply curve shifts and describe the economic mechanism that moves the economy from the old to the new equilibrium.Question 5 of 6 Suppose aggregate labour supply is measured as aggregate number of hours worked (L) given wage (w). A. (Notes upload) Graph the labour supply if L = 4w. Write the formula for the (total) elasticity of labour supply in this case and substitute out L. After simplifying, the (total) elasticity of labour supply is B. (Notes upload) Graph the labour supply if L-21w. Write the formula for the (total) elasticity of labour supply in this case and substitute out L. After simplifying, the (total) elasticity of labour supply is C. (Notes upload) Graph the labour supply if L = 4w-2. Write the formula for the (total) elasticity of labour supply in this case and substitute out L.In the year 2010, the government decided to construct a thermal plant in a small town called Aboadze in the Western Region. Discuss its impact on equilibrium wage in Aboadzi in the short and long-term.
- Question2 Imagine that you own a company that is a price taker with the production function: q= = f(L, K) = L0.25 K0.75 a. What is the MPL ? What does this mean economically? b. What is the MPK? What does this mean economically? c. What is the MRTS? What does this mean economically? d. Does this production function have constant, increasing, or decreasing returns to scale? e. What is the short run supply function for the firm? f. What is the derived labor demand for the firm? g. What is the price elasticity of supply? What does this mean economically? h. How does supply shift when the price of labor changes? What does this mean economically? i. What is the price elasticity of labor demand? What does this mean economically? j. How does derived labor demand change when the price of labor changes? What does this mean economically?A company operates in a competitive market, selling each unit of output for a price of $20 and paying the market wage of $270 per day for each worker it hires. In the following table, complete the column for the value of the marginal product of labor (VMPL) at each quantity of workers. Labor Output Marginal Product of Labor Value of the Marginal Product of Labor (Number of workers) (Units of output) (Units of output) (Dollars) 20 1 20 19 39 18 57 15 4 72 12 84The diagram below shows the labor supply and demand curves for the firm JT Minn., who makes sofas. Suppose there is consumers interest in this product is increasing. Shift the appropriate curve in the correct direction to reflect the impact of this event on equilibrium in the labor market. Wage ($) (2400,$27) Labor Supply Labor Demand # of Workers