Labor Demand Data Labor Supply Data Employment Total Product Product Price Employment Wage Rate о 1 2 23 3 4 56 5 6 SNO $2.20 15 2.00 1 $ 1.00 28 1.80 2 2.00 39 1.60 3 3.00 48 1.40 4 4.00 55 1.20 5 5.00 60 1.00 6. 6.00 The table shows labor demand data on the left and labor supply data on the right. What will be the profit-maximizing wage rate? $6 $4 $3 © $5

Value of Marginal Product Labor 123 1 2 4 5 6 Marginal Product of Labor 10 8 7 5 3 1 Price of Product $$$$$$ $4 $4 $4 $4 $4 $4 VMPL Calculate the VMP, at each level of labor If the Firm operates in a Perfectly Competitive Labor Market where the going market wage is $12, what is the profit maximizing level of employment?

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12. The figure shows Edwyn’s labor supply curve. Consider a wage increase from $5 to $6. For Edwyn, does the price effect or income effect dominate his labor supply decision? Consider a wage increase from $7 to $8. For Edwyn, does the price effect or income effect dominate his labor supply decision?

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?

Answer question D, E ,F for me

Labor Demand Data Labor Supply Data Employment Total Product Product Price Employment Wage Rate 0 0 $ 2.20 0 -- 1 15 2.00 1 $ 1.00 2 28 1.80 2 2.00 3 39 1.60 3 3.00 4 48 1.40 4 4.00 5 55 1.20 5 5.00 6 60 1.00 6 6.00 The table shows labor demand data on the left and labor supply data on the right. We can conclude that Group of answer choices the product market is imperfectly competitive and the labor market is monopsonistic. the labor market is monopsonistic, but the product market is purely competitive. both the labor and product markets are purely competitive. the labor market is purely competitive, but the product market is monopsonistic.

The diagram provides supply and demand curves for a competitive labour market it a labour union negobates the wage to W, in an otherwise competitive labour market OA employers will hire L, labour OB. employers will here labour at the level higher than L OC. the supply of labour will stay the same OD equilibrium will occur at W, and L OE the demand for labour will stay the same 0 Wage Rate W₁ Quarnty of Labour Supply Demand

Nadira, the owner of Company ND is contemplating to keep her shop open after 4pm and until midnight. In order to do so, she would have to hire additional workers. She estimates that the additional workers would generate the following of total output (where each unit of output refers to 100 pages duplicated). Workers Hired 0 1 2 3 4 5 6 Total Product 0 12 22 30 36 40 42                                                                                                                                                         Calculate the following if the price of each unit of output is RM10 and each worker hired must be paid RM40 per day: How many workers should Nadira hire? At which point did the law of diminishing returns occur?

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. Marginal Product of Value of the Marginal Product Labor Labor Output (Units of output) of Labor (Number of workers) (Units of output) (Dollars) 20 1 20 19 2 39 18 3 57 15 72 12 5 84 On the following graph, use the blue points (circle symbol) to plot the firm's labor demand curve. Then, use the orange line (square symbols) to show the wage rate. (Note: If you cannot place the wage rate at the level you want, move the two end points individually.) Hint: Remember to plot each point halfway between the two integers. For example, when the number of workers increases from 0 to 1, the value of the marginal product for the first worker should be plotted with a horizontal coordinate of 0.5, the value halfway…