the demand for labor is determined by whom, their goals and the criteria used by them for achieving that goal. Concept Introduction: Economic Decision makers: this refers to the act of determining on the difficulties of the economy and the individuals who make the judgment. Demand for labor: this is a concept that defines the amount of demand for labor that an economy or firm is willing to employ at a given point of time. Supply of labor: the number of hours each individual is willing to supply at a given wage rate Derived demand: this describes the demand of a good or service which is a consequence of the demand for something else.

Question

Before the Civil War, the South traded with the North and with England. The South sold cotton and bought manufactured goods and food. During the war, one of President Lincoln's first actions was a blockade of the ports in the South to prevent this trade. The South had to increase its production of munitions and food. Draw a point to show the South's production point prior to the Civil War. Label it 1. Draw a point to show the South's consumption point prior to the Civil War. Label it 2. During the war, the South's factors of production were severely depleted and its production possibilities decreased. Draw a curve that shows the effects of the Civil War on the South's PPF. Label it PPF₁. Draw a point to show the South's production point during the Civil War. Label it 3. During the war, the South did not engage in trade. Draw a point to show the South's consumption point during the Civil War. Label it 4. 100 80- 60- Other goods and services (units) ☑ 40- 20- 200 400 600 PPF 800 1000…

Answer 1

Question

Chapter 11, Problem 2.4P

A

To determine

the demand for labor is determined by whom, their goals and the criteria used by them for achieving that goal.

Concept Introduction:

Economic Decision makers: this refers to the act of determining on the difficulties of the economy and the individuals who make the judgment.

Demand for labor: this is a concept that defines the amount of demand for labor that an economy or firm is willing to employ at a given point of time.

Supply of labor: the number of hours each individual is willing to supply at a given wage rate

Derived demand: this describes the demand of a good or service which is a consequence of the demand for something else.

B

To determine

The Supply of labor is determined by whom, their goals and the criteria used by them for achieving that goal.

Concept Introduction:

Economic Decision makers: this refers to the act of determining on the difficulties of the economy and the individuals who make the judgment.

Demand for labor: this is a concept that defines the amount of demand for labor that an economy or firm is willing to employ at a given point of time.

Supply of labor: the number of hours each individual is willing to supply at a given wage rate

Derived demand: this describes the demand of a good or service which is a consequence of the demand for something else.

C

To determine

The case when demand for labor is considered as a derived demand.

Concept Introduction:

Economic Decision makers: this refers to the act of determining on the difficulties of the economy and the individuals who make the judgment.

Demand for labor: this is a concept that defines the amount of demand for labor that an economy or firm is willing to employ at a given point of time.

Supply of labor: the number of hours each individual is willing to supply at a given wage rate

Derived demand: this describes the demand of a good or service which is a consequence of the demand for something else.

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