Walmart employs the majority of people in small rural town. It's demand for labor is given by QD=100-2P. The supply of labor is given by Qs=3P. If the labor market functioned as a competitive market, the wage rate (the price of labor) would be people would be employed, and the producer surplus would be Because Walmart faces little competition for workers, it decides to offer the wage that maximizes consumer surplus (the monopsonist price). This wage is which results in being employed. The producer surplus is now -. Note: don't worry if the number of workers is not an integer.

The 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?

Allison is debating about hiring Jim for a new position at her firm producing computer software. She estimates that Jim will add an additional $500 of revenue a day to her firm.   Instructions: Enter your answers as a whole number.   a. What is the maximum wage at which Allison would be willing to hire Jim?        $   a day   b. Suppose demand for computer software increases. This increases the value of Jim's contributions to the firm to $650. What is the maximum wage at which Allison would be willing to hire Jim?        $   a day   c. Suppose some of the firm's capital is outdated and workers no longer have the ability to be as productive. This reduces Jim's contributions to the firm to $400. What is the maximum wage at which Allison would be willing to hire Jim?        $   a day   d. Suppose Jim obtains additional education that leads to him being more productive. This increases the value of Jim's contributions to the firm to $750. What is the maximum wage at which Allison would be…

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Walmart employs the majority of people in small rural town. It's demand for labor is given by QD=100-2P. The supply of labor is given by Qs=3P. ✓ people would be If the labor market functioned as a competitive market, the wage rate (the price of labor) would be employed, and the producer surplus would be Because Walmart faces little competition for workers, it decides to offer the wage that maximizes consumer surplus (the monopsonist price). This wage is ✓being employed. The producer surplus is now ✓. Note: don't worry if the number of ✓, which results in workers is not an integer.

The demand curve for gardeners is G(D) = 19 – W, where G = the numberof gardeners, and W = the hourly wage. The supply curve is G(S) = 4 + 2 W . a. Suppose the town government imposes a $2 per hour tax on all gardeners. Indicate the effect of the tax on the market for gardeners.What is the effect on the equilibrium wage and the equilibrium number of gardeners hired? How much does the gardener receive? Howmuch does the customer pay? How much does the government receiveas tax revenue?

9. Minimum wage legislation The following graph shows the labor market in the fast-food industry in the fictional town of Supersize City. Use the graph input tool to help you answer the following questions. You will not be graded on any changes you make to this graph. Note: Once you enter a value in a white field, the graph and any corresponding amounts in each grey field will change accordingly. Graph Input Tool 20 Market for Labor in the Fast Food Industry 18 I Wage (Dellars per hour) 6 Supply 18 Labor Demanded (Thousands of workers) Labor Supplied (Thousands of workers) 900 378 14 12 10 Demand 90 100 270 380 450 540 430 720 810 900 LABOR (Thousands of workers) WAGE (Doll ars per hour)

Ian works at an iron smelter in Pittsburgh, the center of iron production in America. Due to the difficulty in measuring the productivity of individual employees, Ian's employer as well as the other iron smelters all pay an efficiency wage. Adjust the wage line on the graph to reflect this situation. What characteristic of efficiency-wage jobs is not supported by the situation shown in the graph? Efficiency wage jobs result in a surplus of workers at the wage being offered. Elevated wages serve as an economic incentive to work harder. The wage rate will eventually return to the market-clearing level. Efficiency wages result in an increase in the rate of unemployment. Wage ($ per hour) Quantity of workers (in thousands) Wage S

D The following graph gives the labor market for laboratory aides in the imaginary country of Sophos. The equilibrium hourly wage is $10, and the equilibrium number of laboratory aides is 250. Suppose the federal government of Sophos has decided to institute an hourly payroll tax of $4 on laboratory aides and wants to determine whether the tax should be levied on the workers, the employers, or both (in such a way that half the tax is collected from each party). 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.…

Suppose a minimum wage in the labor market is set above the equilibrium wage. Label the areas on your graph representing worker surpluses, firm surpluses, and deadweight loss. Identify the excess supply, and/or demand that exists in this market.