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- - occurs when workers have left long term jobs but have not fully withdrawn from the workforce.Real Wage 60 70 80 90 Number of Workers Demanded 120,000,000 110,000,000 100,000,000 90,000,000 100 80,000,000 110 70,000,000 120 60,000,000 130 50,000,000 140 40,000,000 150 30,000,000 160 20,000,000 170 10,000,000 Labor Force Participation Rate people will have jobs. 30% 35% 40% people will have jobs. 45% 50% 55% 60% 65% 70% 75% 80% Ignore what happened in the previous question. The table above shows some pieces of information about the labor market condition in a country. It shows the number of workers demanded in the country at different levels of real wage. It also shows the labor force participation rates at those real wage levels. For example, if the real wage is 60, only 30% of the civilian population will participate in the labor force. If the real wage is 170, some 85% will participate in the labor force. The general price level in this country is P = 100. The civilian population in this country is 100 million persons. Assume that wages and prices are fully flexible upwards…ngs Use the following word bank to complete the fill-in-the blank questions. compensating differential increases marginal utility decreases marginal cost physical capital financial capital marginal product profitable wage rate human capital marginal revenue product statistical discrimination
- From the table below, what can you infer is the market price in dollars of the product? (# of Labor inputworkers) Total product(# of goods) Marginal Product of Labor (MPL) Marginal Revenue Product of Labor (MRPL) 0 0 - - 1 12 12 $24 2 21 9 $18 3 28 7 $14 4 32 4 $8 5 35 3 $62. Given the following data: Commodity Type P2016 P2018 Quantity (Qo) Rice 9,000 11,000 50 Soya Been 12,000 15,000 40 Coffee 13,000 16,000 30 Мeat 20,000 22,000 25 Chocolate 18,000 20,000 20 a) Calculate using Laspeyres Index! b) How are the conditions in 2018 compared to 2016?2. Graphing demand for labor and computing the optimal quantity of labor demanded A company operates in a competitive market, selling each unit of output for a price of $20 and paying the market wage of $330 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 2 39 18 57 15 72 12 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…
- QUESTION 12 Assume that there is an increase in the value of the marginal product of land. What can we expect to happen? a. The price of land will decrease b. Land manufacturing facilities will reopen c. Unemployment. Lots and lots of unemployment d. The price of land will increaseWAGE (Dollars per hour) 15 Labor Supply 12 0 200 400 600 Labor Demand 900 1000 QUANTITY (Thousands of workers) Graph Input Tool Labor Market Wage Rate (Dollars per hour) Labor Demanded (Thousands of workers) $11.1 260 Labor Supplied (Thousands of workers) 740 480 Surplus Labor (Thousands of workers) Labor Demand Shifters Tax Credit (Dollars per hour) ° ? Suppose the minimum wage in this economy is $11.10 per hour. An unemployed worker is defined as someone who is willing to work at the prevailing wage but is unable to find employment. Because the minimum wage lies above the equilibrium wage, it is binding, which means it is also the prevailing wage. If the wage is not allowed to fall below $11.10 per hour, the size of the unskilled labor force is workers are considered unemployed. The unemployment rate is defined as the percentage of unemployed workers in the labor force: Unemployment Rate = Unemployed Labor Force x 100 workers, and unskilled At a minimum wage of $11.10 per hour, the…at job group(Occupation) was the smallest among immigrants? Why do you think so few people from that group came to the United States?2.) What job group was the largest? Why do you think so many people from that group came to the United States?
- QUESTION 12 Matthew just graduated from City University of New York with a degree in Mathematics. He also participated in several competitions while in the college and participated in research projects. Economists include these skills as part of Matthew's O proprietary knowledge. O technological knowledge. O human capital. O physical capital.4. Do you think that incomes and purchasing power are related? Are companies required to pay their employees more to compensate for higher costs of living?Real Wage Number of Workers Demanded Labor Force Participation Rate 60 120,000,000 30% 70 110,000,000 35% 80 100,000,000 40% 90 90,000,000 45% 100 80,000,000 50% 110 70,000,000 55% 120 60,000,000 60% 130 50,000,000 65% 140 40,000,000 70% 150 30,000,000 75% 160 20,000,000 80% 170 10,000,000 85% Ignore everything that happened in the previous questions. We know that supply of labor can increase either because of an increase in labor force participation rate or an increase in civilian population. We saw the effect of the former above. This question is about the latter. The table above shows some pieces of information about the labor market condition in a country. It shows the number of workers demanded in the country at different levels of real wage. It also shows the labor force participation rates at those real wage levels. For example, if the real wage is 60, only 30% of the civilian population will participate in the labor force. If the real wage is…
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