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6.
(Union Objectives) What other objectives besides higher wages do unions pursue?
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- (Market Supply of Labor) The following table shows the hours per week supplied to a particular market by three individuals at various wage rates. Calculate the total hours per week (Q1) supplied to the market. Why does the quantity supplied tend to increase with the hourly wage? Which individuals, if any, have backwards-bending supply curves in the wage range shown? Does the market supply curve bend backward in the wage range shown in the table?Please help (it's just one question)(International labor movements) Consider two countries, Home and Foreign. Both countries use two factors of production, capital and labor, to produce only one good. The capital supply in each country and the technology of production are exactly the same. The marginal product of labor in each country depends upon employment as follows: MPL = 40- L Initially there are 20 workers employed at Home and 10 at Foreign. a. Compute algebraically the wage rate in both countries if labor is not allowed to move between countries. Show it in a graph. b. Compute algebraically the equilibrium wage rate and employment in both countries if labor is allowed to migrate from one country to the other. Explain the migration pattern. Show it in a graph.
- Question 2 Malaysia has a minimum wage policy to protect the well-being of workers. There have been suggestions by politicians to increase the minimum wages. Discuss the effect of such a policy on the wage rate and employment of workers?STAPLES Units of labor per day 12. (Exhibit: Total Product) When hiring units of labor between zero and L1 units of labor, which of the following statements is true? a. The marginal product of labor is increasing. b. The marginal product labor is decreasing. c. Total product is increasing at a diminishing rate. d. None of the above statements is true. 13. "Diminishing marginal returns" means that: a. each additional unit of an input used will decrease output. b. each additional unit of an input used will increase output, but by smaller and smaller amounts. c. each additional unit of an input used will increase output by larger and larger amounts. d. the firm is maximizing profit. 14. A variable factor of production is defined in the text as one: a. that can perform several different functions. b. that is able to produce more or less during some time period. c. whose quantity can be changed in a particular time period. d. A and C are true, but not B. 15. The law of diminishing marginal…5. Problems and Applications Q5 Economists use labor-market data to evaluate how well an economy is using its most valuable resource-its people. Two closely watched statistics are the unemployment rate and the employment-population ratio (calculated as the percentage of the adult population that is employed). Indicate what happens to the unemployment rate and the employment-population ratio in each of the following scenarios. Scenario A financial firm goes bankrupt and lays off its workers, who immediately start working in other financial firms. After an unsuccessful search, some laid-off workers decide to go back to school as full-time students. Numerous students graduate from college but cannot find work. A stock market crash leads to large-scale lay-offs of workers aged 55 and above, who decide to retire instead of looking for new jobs. Unemployment Rate Stays the same Stays the same Increases Increases Effect On... Employment-Population Ratio Stays the same Stays the same Decreases…
- 4. Competitive labor market equilibrium A company operates in a perfectly competitive market, selling each unit of output for a price of $30 and paying the market wage of $375 per day for each worker it hires. In the following table, complete the column for the marginal revenue product of labor (MRP) at each quantity of workers. Labor Input Total Output (Number of workers) (Units of output) Marginal Product Marginal Revenue Product (Units of output) (Dollars) WAGE RATE (Delars per day) 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. Line segments will automatically connect the points. (Note: If you cannot place the wage rate at the level you want, move the two end points individually.) 500 Hint: Remember to plot each point halfway between the two integers. For example, when the number of workers increases from 0 to 1, the marginal revenue product for the first worker…1. (CaseStudy: Hiring Picks Up, But Jobless Rate Rises) Imagine that during an expansion the U.S. economy adds 300,000 jobs. In addition, because of the improving economic conditions, the labor force increases by 200,000. Would the unemployment rate go up or down?3. [TRUE / FALSE] pls explain When a monopsonist is operating in the long-run, then at theprofit-maximizing output average cost can be increasing.
