from the graph identify the equilibrium wage rate, the employment level, the opportunity cost and the economic rent. Concept Introduction: Economic Rent: the extra amount earned by a resource (e.g. land, capital, or labor) by the quality of its current use Opportunity Cost: the next best alternative forgone when making a decision between choices Equilibrium wage rate: the intersection of demand and supply of labor 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.

Question

Discussion - Why are planning and organizing important to an organization's success? Requirement: Include Introduction, Body, and Conclusion. Your initial Discussion posting should be at least 150 words in length. Be sure to include a related Title, at least two different citations and references to support your statement

Answer 1

Question

Chapter 11, Problem 4.6P

A

To determine

from the graph identify the equilibrium wage rate, the employment level, the opportunity cost and the economic rent.

Concept Introduction:

Economic Rent: the extra amount earned by a resource (e.g. land, capital, or labor) by the quality of its current use

Opportunity Cost: the next best alternative forgone when making a decision between choices

Equilibrium wage rate: the intersection of demand and supply of labor

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.

B

To determine

the demand for labor, new equilibrium wage rate, employment level, Economic rent and opportunity cost in case there is an increase in the price of a substitute resource.

Concept Introduction:

Economic Rent: the extra amount earned by a resource (e.g. land, capital, or labor) by the quality of its current use

Opportunity Cost: the next best alternative forgone when making a decision between choices

Equilibrium wage rate: the intersection of demand and supply of labor

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.

C

To determine

The effect on the demand for labor when demand for the final product decreases, the new equilibrium wage rate and employment level and to determine whether there is a change in the economic rent and opportunity cost

Concept Introduction:

Economic Rent: the extra amount earned by a resource (e.g. land, capital, or labor) by the quality of its current use

Opportunity Cost: the next best alternative forgone when making a decision between choices

Equilibrium wage rate: the intersection of demand and supply of labor

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.

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