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Person A makes $90 per hour. person B makes $1.6 per hour. What is the change in total surplus when A loses $1 and B gains $1 in wage?
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- The table shows levels of employment (Labor), the marginal product of each of those levels, and a monopoly's marginal revenue. What is the monopoly's marginal revenue product at each level of employment? If the monopoly operates in a perfectly competitive labor market where the going market wage is $20, what is the firm's profit maximizing level of employment?Answer it correctly please. I ll rate accordingly with multiple votes. Typed answer only. In Market B, the market wage is w=20. Supply for labor is given by S(w)=8w, and demand for labor is D(w)=180-w. The price of output for the firms in this market is p=10. At the equilibrium, what is the marginal product of labor? (Just enter the number, no units)wage (S/worker) Labor Supply 150 125 100 75 Labor Demand 50 25 25 50 75 100 125 150 labor (ths. workers/day)
- Suppose the demand and supply curves for unskilled labor in the labor market are as shown in the following figure. Congress is about to enact a $12 per-hour minimum wage. Congressional staff economists are urging legislators to consider adopting an earned-income tax credit instead. Suppose neither workers nor employers would support that proposal unless the expected value of each party's economic surplus would be at least as great as under the minimum wage. a. In the graph below, use the point tool provided 'Wmin' to indicate the wage and employment combination that would result in a $12 per-hour minimum wage. W ($/hour) 24 20 16 12 8 4 0 Labor Market D S 4,000 8,000 12,000 16,000 20,000 24,000 L (person-hours/day) Tools -9 W. mn Ⓡ b. Calculate the amounts by which employer surplus and worker surplus change as a result of the minimum wage. Employer surplus would be (Click to select) ✔ by $ by $ per day. per day. Worker surplus would be (Click to select) c. Which of the following…Consider a perfectly competitive labor market in which the demand for labor isgiven by E = 48,000 – (2,000/3)W, and the supply of labor is given by E = -8,000+ 1,000W. In these equations, E is the number of employee-hours per day, and Wis the hourly wage.a. What is the equilibrium number of employee-hours each day?b. Compute the employer surplus and the workers surplusc. Suppose the government imposes a minimum wage of $24 per hour. Whatwill be the resulting number of employee-hours after the imposition of thisminimum wage?d. What is the number of employee-hours per day hired and the number ofemployeese. Based on the question © Compute the employer surplus and the workerssurplusf. Compute the dead weight loss in this labor market with minimum wageProblem VThe Blue-Steel Corporation supplies armored truck manufacturers with high-grade sheet metal panels that are used on the exterior of the vehicles. To make the panels, Blue-Steel uses two machines, which cost $15,000 each, and workers. These workers are available on the labor market for a salary of $55,000 each. The market price for one of Blue-Steel's metal sheet panel is $250 and the market is highly competitive. a. Based on the information provided, calculate the missing values for Table 1. a. What is the total fixed cost for Blue-Steel Corporation? Explain your calculation. b. What is the profit-maximizing number of workers Blue-Steel should hire? Explain your answer. c. What is the profit-maximizing output for Blue-Steel based on your calculations? d. Construct an X-Y Scatter chart using the Workers, Total Output, and MP-Labor column data. At what point does the diminishing returns effect set in?
- Solve it correctly please. I will rate accordingly with 3votesIsland City is located on a small island, while Plains City is located at the center of a large, flat, featureless plain. Draw two labor-supply curves, one for each city. a. The supply curve for Island City is [steeper/flatter] because. . . . b. The elasticity of supply of labor in Island City is [higher, lower].The table below describes labor supply and labor demand schedules. Labor supply 400 workers 500 workers 600 workers 700 workers 800 workers 900 workers 1,000 workers Wage $15 $16 $17 $18 $19 $20 $21 Suppose a minimum wage is set at $20. Calculate the surplus labor supply at that wage. Type your answer... P @N 3 $ ਧੰ O m J % 5 I 6 A 7 W * 00 8 P Labor demand 1,000 workers 900 workers 800 workers 700 workers 600 workers 500 workers 400 workers 9 O
- The following graph shows the labor market for research assistants in the fictional country of Universalia. The equilibrium wage is $10 per hour, and the equilibrium number of research assistants is 250. Suppose the government has decided to institute a $4-per-hour payroll tax on research assistants and is trying to determine whether the tax should be levied on the employer, the workers, or both (such that half the tax is collected from each side). Use the graph input tool to evaluate these three proposals. Entering a number into the Tax Levied on Employers field (initially set at zero dollars per hour) shifts the demand curve down by the amount you enter, and entering a number into the Tax Levied on Workers field (initially set at zero dollars per hour) shifts the supply curve up by the amount you enter. To determine the before-tax wage for each tax proposal, adjust the amount in the Wage field until the quantity of labor supplied equals the quantity of labor demanded. You will not be…2, a. Given the supply and demand for labor services, where wage is the price of labor services, explain the impact of a minimum wage above the equilibrium wage on employment. Draw a graph to illustrate this and explain the graph in words.What did Lewis mean when he wrote that there was a surplus of labor in agriculture? How does one measure that surplus? To what standard is labor in surplus, that is, in surplus relative to what?
