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(Union Objectives) What other objectives besides higher wages do unions pursue?
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- 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?5. (a) Assume that two firms A and B are in different industries (like computer software and computer hardware). What impact will a merger between these two firms have on the number of firms in each industry after the merger? Please give an explanation. (b) Current automobile companies are facing a shortage of computers chips used in cars to run various parts of the car, and therefore supply of cars has decreased since a necessary part(s) is not available. If an auto company like General Motors (GM) decided to buy a chip manufacturing company to ensure that it did not face a chip shortage in the future, would such a purchase lead to more concentration in either the auto industry or the chip-manufacturing industry? Please give an explanationexplanation.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…
- (dollars) 10 8 6 0 MR MC Quantity 1. A monopoly and is currently charging a price of $10, what would you advise them to do? 2. A monopoly and is currently charging a price of $8, what would you advise them to do? 3. If the monopoly is currently charging a price of $6, what would you advise them to do?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?
- (Warning: Hypothetical scenario) A widely read new study suggesting that eating too much bacon can cause digestive problems and stomach cancer is likely to cause Demand for bacon to shift left. Ceteris paribus, a leftward shift in the demand curve for bacon is expected to lead to ____________ prices and ____________ units sold.4. (6+6+6+6+6+6 points) The graph below displays the short-run average variable cost (AVC), the short-run average total cost (ATC), and the marginal cost (MC) curves of a company Y which produces a homogenous product in a perfectly competitive industry. The vertical axis shows cost while horizontal axis shows the level of output. Suppose that the equilibrium price is equal to $30. MC ATC $40 $38 $30 AVC $20 $15 35 40 Output i. Using the graph above, find the profit-maximizing output of Y in the short-run and marginal revenue at this output. ii. Using the graph above, find the total fixed cost of Y. What is the average fixed cost when Y produces 40 units of output? Cost3. [TRUE / FALSE] pls explain When a monopsonist is operating in the long-run, then at theprofit-maximizing output average cost can be increasing.
- 10. (Perfect Price Discrimination) Why is the perfectly dis- criminating monopolist’s marginal revenue curve identical to the demand curve it faces?9. (Industrial Unions) Review the logic underlying the exhibit below. Then determine the effect, on the industry and a typical firm, of an increase in the demand for industry output. Show your conclusions on a graph. Does the mag- nitude of the increase in demand make a difference?2. (a) Imagine yourself in a tea garden in Sylhet. You see beautiful green tea trees around you and plantation workers plucking the matured leaves off the trees. Beside the garden you see a factory of a renowned tea brand Victoria inside which there are heavy machineries that convert raw tea leaves into ready to consume refined ground tea. Based on your knowledge about the Factors of Production, figure out which of the following fall under Price which factor and briefly explain the reason behind. Qo Qs 1000 10 65 800 20 50 600 30 30 (b) After having a brief chat with the manager of the factory, you get the monthly demand and supply schedule of per box Victoria Tea Leaves in the market. Plot these in one graph, identify the equilibrium and show the annual Revenue of the tea. 400 40 15 200 50 5