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- Which has held a larger impact in the united states within this past century, added worker or discourage worker effect?Economic As I hire more and more workers – one, two, then three – what happens to the marginal product of labor?Explain the rule that proft-maximizing frms follow when they decide howmuch capital and labor to hire.
- In some extreme cases, an individual’s labor supply curve may be downward sloping at higher hourly wage rates. That is, further increases in the worker’s wage lead them to work fewer hours. Why might an individual worker exhibit such behavior?Which of the following is not an assumption of a competitive labor market? O numerous buyers and sellers O interchangeable workers accurate and widely available information workers preferable to machinesIn a perfectly competitive labor market, the worker will be paid: O Less than the value of his/her MRP. O Minimum wage. O More than the value of his/her MRP. O Exactly the value of his/her MRP.
- OL JO / UOIısend Which situation bestillustrates the concept of division of labor? O A. A business hires employees who require training in most skills. B. A business hires employees who are mostly self-sufficient. C. A business hires employees who all have a wide range of skills. D. A business hires employees who each specialize in one skill. SUBMIT + PREVIOUS DELrefer to the following diagram. Suppose that all other nonwage aspects of the jobs in fhese two markets are identical. We would expect labor supply in B to increase if there are better prospects for advancement in A True of False. ExplainWhat 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.
- What is the opportunity cost associated with doing your homework and earning your degree? What have you sacrificed and what long-term gain is expected? How do these factors play into labor supply and demand, or what terminology is used in our readings to explain this phenomenon?Based on the graph below, how many workers would the firm hire and at what wage? A. 50 workers at $8 B. 50 workers at $18 C. 80 workers at $8 D. 80 workers at $13 E. 80 workers at $18Cowles Foundationfor Research in Economicsat Yale UniversityCowles Foundation Discussion Paper No. 2021ARE WE APPROACHING AN ECONOMIC SINGULARITY?INFORMATION TECHNOLOGY AND THE FUTUREOF ECONOMIC GROWTHWilliam D. NordhausSeptember 2015An author index to the working papers in theCowles Foundation Discussion Paper Series is located at:http://cowles.yale.edu/This paper can be downloaded without charge from theSocial Science Research Network Electronic Paper Collection:http://ssrn.com/abstract=2658259Electronic copy available at: http://ssrn.com/abstract=2658259Are We Approaching an Economic Singularity?Information Technology and the Future of Economic GrowthWilliam D. Nordhaus1September 1, 2015AbstractWhat are the prospects for long-run economic growth? The presentstudy looks at a recently launched hypothesis, which I label Singularity.The idea here is that rapid growth in computation and artificialintelligence will cross some boundary or Singularity after whicheconomic growth will…