The marginal product of labor (measured in units of output) for a certain firm is: MPN = A(100-N), where A measures productivity and N is the number of labor hours used in production. The price of output is $2 per unit. (Round all answers to two decimal places.) If A = 1 and the nominal wage is $80, the quantity of labor demanded will be 60 If A = 1 and the nominal wage is $100, the quantity of labor demanded will be 50 Assume that A is equal to 1. Using the line drawing tool, draw the labor demand curve from 0 to 100 units of labor. Properly label this line. Carefully follow the instructions above, and only draw the required objects. If A = 1, the price of output is $4, and the supply of labor is fixed at 85, the equilibrium real wage is 15, and the equilibrium nominal wage is $60. Real Wage, W/P 220- 200- 180- 160- 140- 120- 100- 80- 60- 40- 20- 0 0 (10,0) 10 20 30 40 50 60 70 80 90 100 110 120 Labor, N

The marginal product of labor (measured in units of output) for a certain firm is: MPN = A(100-N), where A measures productivity and N is the number of labor hours used in production. The price of output is $2 per unit. (Round all answers to two decimal places.) If A = 1 and the nominal wage is $80, the quantity of labor demanded will be 60 If A = 1 and the nominal wage is $100, the quantity of labor demanded will be 50 Assume that A is equal to 1. Using the line drawing tool, draw the labor demand curve from 0 to 100 units of labor. Properly label this line. Carefully follow the instructions above, and only draw the required objects. If A = 1, the price of output is $4, and the supply of labor is fixed at 85, the equilibrium real wage is 15, and the equilibrium nominal wage is $60. Real Wage, W/P 220- 200- 180- 160- 140- 120- 100- 80- 60- 40- 20- 0 0 (10,0) 10 20 30 40 50 60 70 80 90 100 110 120 Labor, N

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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