Refer to the following diagram, in which MRPU refers to the marginal revenueproduct of an untrained worker, while MRPt refers to this worker's marginal revenueproduct as a result of a program of on-the-job training.W3W₂W₁TrainingperiodPosttraining periodMRPW 2; W 2W 1; between W 2 and W 3W 1: W 3MRPTimeIn the case of general training, the wage rate during the training period will be___________ while the posttraining wage will be

Marginal Revenue Product (MRP) represents the additional revenue generated by employing an extra…

Answered: period In the case of general training,…

period In the case of general training, the wage rate during the training period will be while the posttraining wage will be.

Microeconomic Theory

12th Edition

ISBN:9781337517942

Author:NICHOLSON

Publisher:NICHOLSON

Chapter11: Profit Maximization

Section: Chapter Questions

Problem 11.8P

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If you an? out of school but working part time, are you considered employed or unemployed in U.S. labor statistics? If you are a full time student and working 12 hours a week at the college cafeteria are you considered employed or not in the labor force? If you are a senior citizen who is collecting social security and a pension and working as a greater at Wal-Mart are you considered employed or not in the labor force?
Is it rational for a firm to hire the 3rd worker? Why and Why not? Is it rational for a firm to hire the 4th worker ? Why and why not? Graph the TP, MP and AP Schedule.
Fringe benefits:a. As you might have suspected, employee nonwage (fringe) benefits make up a muchlarger percentage of labor costs in the United States today than they did a few generationsago (refer to Table 3.1 in the textbook). Fringe benefits as a form of labor compensationis also very unique to the U.S. and other developed nations. Do you think that thegrowing fringe benefit share of labor costs has made the level of employment moreresponsive or less responsive to changes in labor demand over the ups and downs in theoverall economy? In other words, has it given the employers of labor more or lessflexibility as they try to adapt to continuously changing economic conditions?
l.C<ldbelly Co. sells pencils in a perfectly competitiveproduct market and hires workers in a perfectly competitivelabor matkct. Assume that the market \\'age rate forworkers is $150 per day.a. What rule should Lead belly follow to hire theprofit-maximizing amount of Labor?b. At the profit-maximizing level of output, the marginalproduct of the last worker hired is 30 boxesof pencils per day. Calculate the p rice of a box ofpencils.c. Uraw a diagram of the labor market for pencil workers(as in Figure 4 of this chapter) next to a diagramof the labor supply and demand for Lcadbelly Co. (asin Figure 3). Label the equilibrium wage and quantityof labor for both the market and the firm. H0\\1 arethese diagrams related?d. Suppose some pencil workers switch to jobs in thegrowing computer industry. On the side-by--sidediagrams fmm part (c), show how this changeaffects the equilibrium wage and quantity of Laborfor both the pencil market and lor Leadbelly. Howdocs this change affect the…
WAGE W₂ W₂ Figure 18-5 Refer to Figure 18-5. Which of the following would shift the labor supply curve from S₁ to S₂? O a. a decrease in the price of the firm's output O b. technological progress O c. a change in workers' attitudes toward the work-leisure tradeoff in favor of work O d. an increase in the price of the firm's output LABOR S₁ S₂ Demand
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14.ASsume the labor force is made up of 40% women and 60% men. If 40% of all manufacturing jobsare held by women and 90% of the highest-paying management and executive level jobs inManufatacturing are held by men, then, with respect to the manufacturing sector, it can be said that: multiple choiceO.a. there is no horizontal occupational segregation but there is vertical occupational segregation. O.b. there is both horizontal and vertical occupational segregation.O.c. there is no sex-based discrimination in entry-level By solving it for 'r' through hit and trial method, the required interest rate can be found.positions but there is sex-based discriminationin management level positions.O.d. there is no sex-based discrimination in management positions but there is sex-baseddiscrimination in executive level positions.
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Income $560 $320 B 60 40 0 Work T Suppose this worker's union negotiates an increase in the straight-time wage from $8 to $9.33 per hour with no bonus for overtime. This plan would allow earnings of $560 at 60 hours per week. Assuming this worker can freely choose the number of hours worked, he will choose to work more than 60 hours per week. 60 hours per week. more than 60 hours per week if the income effect dominates; less otherwise. fewer than 60 hours per week. Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism.Answer completely.You will get up vote for sure.
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4. Which of the following individuals is least likely to become involved in the setting of direct labor efficiency standards? a The purchasing manager. b. A production supervisor. C. A design engineer. d. A machine operator. e Aquality control analyst.