what factor determine movement along demand curve for labour and increase or decrease in it?

Q: Use a diagram to thoroughly explain the backward bending labor supply curve and explain what income…

A: Backward bending labor supply curve is the graphical representation of the relationship between wage…

Q: A firm will be better off by hiring an additional worker only when: The overall benefit is greater…

A: A firm will be better off by hiring an additional worker only.

Q: Give four explanations for why firms might find ii profitable lo pay wages above the level that…

A: Businesses need labour and capital as inputs to their manufacturing process when producing goods and…

Q: why does a simple market demand for labor curve and a simple market supply of labor curve seem to…

A: The labor market is the marketplace where individuals, known as job seekers or labor force, offer…

Q: The information below is for a competitive labor market. A. Calculate the value of the marginal…

A: When offer and demand square measure equal, the labour market is in equilibrium, and E* staff square…

Q: The supply pool that's outside the organization to attract individuals for job is called what? A.…

A: It's vital to take into account the different marketplaces or pools that these candidates are…

Q: Suppose that the price of sedans in the previous graph increases from $24,000 to $29,000 per car.…

A: Price and supply have a positive relationship. While the price is an independent variable.

Q: is the labor dmand curve of a perfectly competitive firm, upsloping o downsloping?

A: A market structure with lots of buyers and sellers is called perfect competition. The market…

Q: With the help of a diagram, make a distinction between substitution effect and income effect on…

A: Income Effect versus Substitution Effect: An Overview  The income effect communicates the effect of…

Q: The diagram provides supply and demand curves for a competitive labour market If a labour union…

A: The labor market is the marketplace where workers offer their labor services to employers in…

Q: Given the labor demand function (9)-/cq where I(q) is labor demanded, is the fixed cost of…

A: (A). The profits of the labor market will be maximized only by calculating derivatives of the given…

Q: Give two examples of events that could shift thedemand for labor, and explain why they do so

A: The two examples of events that could shift the demand for labor include:- Any change in the output…

Q: What is the effect if the cost of labor increases? O Price increases, quantity increases O Price…

A: In a market, labor is considered as a factor of production because it is required to operate…

Q: Assuming that firm x produce lotion. After a few months of being in business there is a significant…

A: lotion produced by firm X is a final product which is demanded to satisfy need of the final…

Q: Suppose that labor is the only input used by aperfectly competitive firm. The firm’s…

A: Since you have posted a question with multiple sub-parts, we will solve the first three sub-parts…

Q: What are some of the uses to which labors tandards are put?

A: Labor standards refer to standard conventions relating to workers, such as basic worker rights,…

Q: Describe how the firm sets an efficiency wage above the competitive level. Why are there no market…

A: The efficiency wage theory states that higher wage rates given to the workers would tend to increase…

Q: Leadbelly Co. sells pencils in a perfectly competitiveproduct market and hires workers in a…

A: A theoretical market structure is referred to as perfect competition. Prices are unaffected by…

Q: What is labour surplus

A: Labor: The term labor means the state of work. A person doing a work that means he is providing his…

Q: 1.  How many workers should the managers hire to maximize economic profit? 2.  Calculate the profit…

A: A market is a place where the buyers and the sellers interact with each other and the exchange of…

Q: l decreae firm uses both labor and capital to produce 25 units of output. The marginal product of…

A: The two inputs are used here, labor and capital.  The marginal product of labor (MPL) = 100 The…

Q: Consider a manufacturing firm in a labor market that isperfectly competitive. There are two kinds of…

A: Marginal revenue:Marginal revenue is the additional unit that is added to the total revenue. It is…

Q: Equilibrium in the lobour market depends on the demand for labour and the supply of labour.…

A: The supply of labour in US would increase with the Mexican immigrants. This would shift the supply…

Q: When the supply curve is upward sloping, by practicing the minimum wage law a surplus is created in…

A: The vertical supply curve always shows that the labour supply operating in the economy is always…

Q: the marginal product is given by VMPL=100,000 - 100LD. D Question 1 Compute the equilibrium number…

A: Question 1: In competitive labor market. labor demand curve is VMPL = W => 100,000 - 100LD = W…

Q: Imagine a firm that employs two types of workers – some with computer skills and others with no…

A: When more labour is employed, the marginal product of labour is the additional increase in total…

Q: suppose Fred produces 500 litres of milk every day with 10 workers. the price of milk is $12 per…

A: Given  Price of milk = $12 Rach worker get wage  w = $550 Margin product of the last worker employed…

Q: Karen works at a fast food restaurant. When her wage rate was $10 per hour, she worked 30 hours per…

A: A firm’s willingness to pay for each unit of labor it wishes to hire is shown by the labor demand…

Q: Explain how the wage can adjust to balance thesupply and demand for labor while…

A: Wages are the price paid to labor for its contribution to the production process in economics. In…

Q: iples of Microeconomics Spring20 spring21 Wage rate Idollars per hour 8 2 P 0 40 80 120 160 Quantity…

A: Minimum wage is a legally mandated hourly wage that employers must pay their workers, ensuring that…