WeRSmart is a research support organization that provides data and accuracy services to a variety of publishing houses. The industry is perfectly competitive and hires workers from a competitive labor market. The grid below provides information on the number of data reports WeRSmart can produce, given the number of workers it hires. L Q 1 10 20 3 29 4 37 43 6 47 A. If the price for data reports is $75 each and the weekly wage for workers is $650, how many workers should WeRSmart hire? 1 2 3 4 5

WeRSmart is a research support organization that provides data and accuracy services to a variety of publishing houses. The industry is perfectly competitive and hires workers from a competitive labor market. The grid below provides information on the number of data reports WeRSmart can produce, given the number of workers it hires. L Q 1 10 20 3 29 4 37 43 6 47 A. If the price for data reports is $75 each and the weekly wage for workers is $650, how many workers should WeRSmart hire? 1 2 3 4 5

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Fig. A 250 $ 200 Fig. C 150 100 50 0 250 200 150 0 12 100 50 0 I 0 VMP=MRP LS-MFC 10 20 MRP VMP LS=MFC 10 20 30 40 URE 30 50 40 50 L Fig. B Fig. D 250 200 150 100 50 0 250 200 150 100 50 0 $ 0 $ 45. Assuming the labor market is perfectly competitive, which of the following statements are TRUE? O(a) The VMP is the demand for labor curve for a firm that sells its product in a perfectly competitive market (b) The MRP is the demand for labor curve for a firm that has monopoly power when it sells its product. (c) Both (a) and (b) are correct O(d) None of the above 0 10 VMP=MRP MRP 10 20 VMP 20 30 40 30 40 LS 50 50 LS -MFC ||||| L MFC
Figure 3.2 Si 15 S2 10 5. D2 Di 20 30 40 Quantity of Labor In Figure 3.2, assume that we have labor market demand and supply curves of D2 and S1, respectively. What is the equilibrium wage and employment level? O $15; 30 workers O 5; 30 workers $5; 20 workers O $10; 40 workers Wage Rate ($ per day)
If the hourly wage is $11, which of the below statements is true? Table 18.2 Workers Total Revenue per Hour 1 $30 $50 3 $65 4 $75 $80
Figure 3.2 Wage Rate ($ per day) 15 5. 0 20 Quantity of Labor O $15; 30 workers 5; 30 workers S₁ $5; 20 workers O $10; 40 workers D₁ 40 In Figure 3.2, assume that we have labor market demand and supply curves of D₂ and S₁, respectively. What is the equilibrium wage and employment level? S₂ D₂
n Figure 6.4 depicted Maria's best response curve when the expected duration of unemployment was 44 weeks. Which of the following statements is correct? 1 Effort per hour 0.8 0.5 0 06 Select one or more: Slope = MRT Reservation wage 12 Feasible set 24 Hourly wage ($) Maximum possible effort Worker's best response curve when expected unemployment duration is 44 weeks If the expected unemployment duration increased to 50 weeks, Maria's best response to a wage of $12 would be an effort level above 0.5. O b. If the unemployment benefit was reduced, then Maria's reservation wage would be higher than $6. O c. Over the range of wages shown in the figure, Maria would never exert the maximum possible effort per hour. Od. Increasing effort from 0.5 to 0.6 requires a bigger wage increase than increasing effort from 0.8 to 0.9.
A profit-maximizing firm operates in purely competitive product and resource markets, with the resource and production schedules shown in the table. Total Workers Production 8 440 7 410 6 370 5 320 4 260 3 180 2 110 1 55 The product price is $10 per unit and the cost per worker is $475. How many workers will the firm employ? Multiple Choice O 6 7 5
45. Consider the following two statements: (1) According to the Blinder-Oaxaca decomposition of the wage gap between two groups of workers, differences in rewards for characteristics are considered to be evidence of discrimination. (2) Correspondence studies will never underestimate the extent of discrimination. What can you say about these two statements? O a. Both statements are incorrect. O b. Statement (2) is correct, statement (1) is incorrect. O c. Statement (1) is correct, statement (2) is incorrect. O d. Both statements are correct. Time left 0:30:14 4 8. All of the following can be deemed as a tradeoff between equity and efficiency except O a. unemployment compensation programs. O b. students working individually on a project except collective group work. Oc. disability programs. Od. welfare programs.
1. Suppose a short-run production function is described as Q40L 0.04L2 where L is the number of labors used each hour.
In the United States, labor earnings are about what percent of total income? O a. 75 percent O b. 70 percent O c. 67 percent O d. 50 percent Note:- Please avoid using ChatGPT and refrain from providing handwritten solutions; otherwise, I will definitely give a downvote. Also, be mindful of plagiarism. Answer completely and accurate answer. Rest assured, you will receive an upvote if the answer is accurate.