Sample Population Person Status Allen Unpaid stay-at-home dad. Has not looked for a job in several years Ben College president Allison Part-time welder. Actively looking for full-time work Brittany Self-employed full-time wedding singer Cathy Calvin Retired finance professor. Last applied for work 10 weeks ago Diane Laid-off fork-lift operator expecting to be recalled David Full-time physician's assistant Works for a bicycle store. Age 70 Evelyn Manager of health food store Eli Flora Museum guard. Was not at work last week due to illness Has never been employed. Looked for a job last week Fired from job as an investment banker. Last looked for work three weeks ago Frank Refer to Table 28-1. How many in the sample are in the labor force? а. 8 b. 11 C. 9 d. 10

Sample Population Person Status Allen Unpaid stay-at-home dad. Has not looked for a job in several years Ben College president Allison Part-time welder. Actively looking for full-time work Brittany Self-employed full-time wedding singer Cathy Calvin Retired finance professor. Last applied for work 10 weeks ago Diane Laid-off fork-lift operator expecting to be recalled David Full-time physician's assistant Works for a bicycle store. Age 70 Evelyn Manager of health food store Eli Flora Museum guard. Was not at work last week due to illness Has never been employed. Looked for a job last week Fired from job as an investment banker. Last looked for work three weeks ago Frank Refer to Table 28-1. How many in the sample are in the labor force? а. 8 b. 11 C. 9 d. 10

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Quantity of Labor Supplied Wage Total Cost of Labor Marginal Cost of Labor Marginal Revenue Product 50 $10 $500 $10 $30 100 $12 $1200 X $25 150 $15 $2250 $21 $21 200 $18 $3600 $27 $18 250 $20 $5000 $28 $15 Use the labor market data for a monopsony employer above. Find the wage and quantity of labor the firm will hire. Question 10 options: $12; 100 $25; 100 $15; 150 $21; 150
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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…
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