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- 00 LO %24 WAGE 7. Shifts in labor supply Assume that the consulting and information technology industries employ people with similar skills. Suppose an increase in the demand for computer analysts leads to a rise in their wages, while the demand for consultants remains the same. The following graph shows the labor market for consultants in the United States. Show the effect of the rise in demand for computer analysts on the U.S. labor market for consultants by shifting the labor demand curve, the labor supply curve, or both. Supply Demand Supply Demand LABOR MacBook Pro * > %23 3. 4. R. A S K ב B.What is number 1 and number 3?Suppose a firm’s technology requires it to hire 100 workers regardless of the wage level. The firm, however, has found that worker productivity is greatly affected by its wage. The historical relationship between the wage level and the firm’s output is given byWage Rate Units of Output$ 8.00 65$10.00 80$11.25 90$12.00 97$12.50 102What wage level should a profit-maximizing firm choose? What happens to the efficiency wage if there is an increase in the demand for the firm’s output?
- Figure 3.2 Si 15 S2 10 5. D2 Di 20 30 40 Quantity of Labor In Figure 3.2, assume that we have labor market demand and supply curves of D2 and S1, respectively. What is the equilibrium wage and employment level? O $15; 30 workers O 5; 30 workers $5; 20 workers O $10; 40 workers Wage Rate ($ per day)Given labour market equilibrium with identical workers, as set out in CORE Select one or more: O a. Unemployment is always voluntary b. Workers who are involuntarily unemployed cannot gain a job at any wage O c. A Nash equilibrium exists O d. Measured unemployment will be zeroConsider a two-sector economy that employs a total of 105 units of a single input, labor. Ny of these units are allocated to sector 1, where the wage is 90 for the top five workers in that sector and zero for all others. (Both the wage for the top workers and the number who receive that wage are invariant to changes in Ng) The remaining N2= 105 - Ngunits of labor serve in sector 2, where every worker receives a wage of 10. All workers in sector 1 have an equal probability of being among the top five workers, 6/Ng. and all workers are risk neutral. Instructions: Round your answers to the nearest whole number. a. How many workers will work in sector 1? N1 = b. What will be the value of GNP for the economy? GNP = c. How would your answers differ if there were a 50% tax on the earnings of workers in sector 1? Workers in sector 1: GNP:
- The accompanying table describes the relationship between the number of workers hired by a call center each hour and the number of calls the call center can make each hour. The call center has only 1 telephone. The telephone costs the firm $5/hour (regardless of how many calls are made), and each worker is paid $10 per hour Calls Per Hour 1 2 6 16 O 22 24 What is the total cost of making 2 calls an hour? Multiple Choice O $45 $40 $20 Number of Telephones 1 1 1 1 1 1 $10 Number of Workers Per Hour 2 4 6 8 10 12n Figure 6.4 depicted Maria's best response curve when the expected duration of unemployment was 44 weeks. Which of the following statements is correct? 1 Effort per hour 0.8 0.5 0 06 Select one or more: Slope = MRT Reservation wage 12 Feasible set 24 Hourly wage ($) Maximum possible effort Worker's best response curve when expected unemployment duration is 44 weeks If the expected unemployment duration increased to 50 weeks, Maria's best response to a wage of $12 would be an effort level above 0.5. O b. If the unemployment benefit was reduced, then Maria's reservation wage would be higher than $6. O c. Over the range of wages shown in the figure, Maria would never exert the maximum possible effort per hour. Od. Increasing effort from 0.5 to 0.6 requires a bigger wage increase than increasing effort from 0.8 to 0.9.In the graph below, the region of production is between, and units of labor, L. Q/L AP 36 72 136 180 208 261 Labor, L \MP O 72; 208. O 0: 72. O 136; 208. O 72: 136. O 0: 136.
- Labor demand and supply of labor is one of the external factors that impact compensation practices. If supply of labor is less than the labor demand, most employers offer to jobseekers. Higher rate Going rate Lower rate Market rate A clothing manufacturing utilizes Merrick's Multiple Piece Rate System that sets the standard output to 100 units per week and normal piece rate at 5 RO per unit. If Worker Z's actual weekly output is 100 units, solve earning per week. 650 О 500 O 550 O 600 ооо оIn the United States, labor earnings are about what percent of total income? O a. 75 percent O b. 70 percent O c. 67 percent O d. 50 percent Note:- Please avoid using ChatGPT and refrain from providing handwritten solutions; otherwise, I will definitely give a downvote. Also, be mindful of plagiarism. Answer completely and accurate answer. Rest assured, you will receive an upvote if the answer is accurate.Based on the figure below, what is the worker's hourly wage? Income $192 O $10 O $12 O $16 O $192 0 16 16 Hours of Leisure 0 Hours of Labor