To calculate the total hours per week and the reasons quantity supplied increases with the hourly wage and the individuals who have a backward bending supply curve and whether the market supply curve would bend backwards in the table shown below. Concept Introduction: Wage rates: The amount of base wage paid to a worker per hour or day or per unit of output if on piecework Market supply curve: this is an upward sloping curve depicting the positive relationship between price and quantity supplied

Question

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Answer 1

Question

Chapter 12, Problem 1P

To determine

To calculate the total hours per week and the reasons quantity supplied increases with the hourly wage and the individuals who have a backward bending supply curve and whether the market supply curve would bend backwards in the table shown below.

Concept Introduction:

Wage rates: The amount of base wage paid to a worker per hour or day or per unit of output if on piecework

Market supply curve: this is an upward sloping curve depicting the positive relationship between price and quantity supplied

Expert Solution & Answer

Explanation of Solution

From the data given in the table, we can determine the total hours of labor hours supplied by,

Hourly wage $	Q₁	Q₂	Q₃	Q_T
15	20	0	0	35
16	25	0	0	41
17	35	10	0	62
18	45	25	10	98
19	42	40	30	131
20	38	37	45	140

Here, the quantity supplied will tend to increase with an increase in the hourly wage because every additional unit of labor supplied will now earn more than the earlier level.

To understand the backward bending nature of labor supply, we see that the individuals Q₁and Q₂will show a backward bending supply curve in the range shown as we can clearly see that with an increase in the hourly wage after a point, there is a reduction in the hours of work performed.

The market supply of labor does not show a backward bending supply curve of labor which can be assessed from the column Q_T.

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What are the answers for a,b,c,d? Are they supposed to be numerical answers or in terms of a variable?

Sue is a sole proprietor of her own sewing business. Revenues are $150,000 per year and raw material (cloth, thread) costs are $130,000 per year. Sue pays herself a salary of $60,000 per year but gave up a job with a salary of $80,000 to run the business. ○ A. Her accounting profits are $0. Her economic profits are - $60,000. ○ B. Her accounting profits are $0. Her economic profits are - $40,000. ○ C. Her accounting profits are - $40,000. Her economic profits are - $60,000. ○ D. Her accounting profits are - $60,000. Her economic profits are -$40,000.

Select a number that describes the type of firm organization indicated. Descriptions of Firm Organizations: 1. has one owner-manager who is personally responsible for all aspects of the business, including its debts 2. one type of partner takes part in managing the firm and is personally liable for the firm's actions and debts, and the other type of partner takes no part in the management of the firm and risks only the money that they have invested 3. owners are not personally responsible for anything that is done in the name of the firm 4. owned by the government but is usually under the direction of a more or less independent, state-appointed board 5. established with the explicit objective of providing goods or services but only in a manner that just covers its costs 6. has two or more joint owners, each of whom is personally responsible for all of the partnership's debts Type of Firm Organization a. limited partnership b. single proprietorship c. corporation Correct Number

Answer 2

Question

Chapter 12, Problem 1P

To determine

To calculate the total hours per week and the reasons quantity supplied increases with the hourly wage and the individuals who have a backward bending supply curve and whether the market supply curve would bend backwards in the table shown below.

Concept Introduction:

Wage rates: The amount of base wage paid to a worker per hour or day or per unit of output if on piecework

Market supply curve: this is an upward sloping curve depicting the positive relationship between price and quantity supplied

Expert Solution & Answer

Explanation of Solution

From the data given in the table, we can determine the total hours of labor hours supplied by,

Hourly wage $	Q₁	Q₂	Q₃	Q_T
15	20	0	0	35
16	25	0	0	41
17	35	10	0	62
18	45	25	10	98
19	42	40	30	131
20	38	37	45	140

Here, the quantity supplied will tend to increase with an increase in the hourly wage because every additional unit of labor supplied will now earn more than the earlier level.

To understand the backward bending nature of labor supply, we see that the individuals Q₁and Q₂will show a backward bending supply curve in the range shown as we can clearly see that with an increase in the hourly wage after a point, there is a reduction in the hours of work performed.

The market supply of labor does not show a backward bending supply curve of labor which can be assessed from the column Q_T.

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Answer 3

Question

Chapter 12, Problem 1P

To determine

To calculate the total hours per week and the reasons quantity supplied increases with the hourly wage and the individuals who have a backward bending supply curve and whether the market supply curve would bend backwards in the table shown below.

Concept Introduction:

Wage rates: The amount of base wage paid to a worker per hour or day or per unit of output if on piecework

Market supply curve: this is an upward sloping curve depicting the positive relationship between price and quantity supplied

Expert Solution & Answer

Explanation of Solution

From the data given in the table, we can determine the total hours of labor hours supplied by,

Hourly wage $	Q₁	Q₂	Q₃	Q_T
15	20	0	0	35
16	25	0	0	41
17	35	10	0	62
18	45	25	10	98
19	42	40	30	131
20	38	37	45	140

Here, the quantity supplied will tend to increase with an increase in the hourly wage because every additional unit of labor supplied will now earn more than the earlier level.

To understand the backward bending nature of labor supply, we see that the individuals Q₁and Q₂will show a backward bending supply curve in the range shown as we can clearly see that with an increase in the hourly wage after a point, there is a reduction in the hours of work performed.

The market supply of labor does not show a backward bending supply curve of labor which can be assessed from the column Q_T.

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Answer 4

Question

Chapter 12, Problem 1P

To determine

To calculate the total hours per week and the reasons quantity supplied increases with the hourly wage and the individuals who have a backward bending supply curve and whether the market supply curve would bend backwards in the table shown below.

Concept Introduction:

Wage rates: The amount of base wage paid to a worker per hour or day or per unit of output if on piecework

Market supply curve: this is an upward sloping curve depicting the positive relationship between price and quantity supplied

Expert Solution & Answer

Explanation of Solution

From the data given in the table, we can determine the total hours of labor hours supplied by,

Hourly wage $	Q₁	Q₂	Q₃	Q_T
15	20	0	0	35
16	25	0	0	41
17	35	10	0	62
18	45	25	10	98
19	42	40	30	131
20	38	37	45	140

Here, the quantity supplied will tend to increase with an increase in the hourly wage because every additional unit of labor supplied will now earn more than the earlier level.

To understand the backward bending nature of labor supply, we see that the individuals Q₁and Q₂will show a backward bending supply curve in the range shown as we can clearly see that with an increase in the hourly wage after a point, there is a reduction in the hours of work performed.

The market supply of labor does not show a backward bending supply curve of labor which can be assessed from the column Q_T.

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Answer 5

Chapter 12, Problem 1P

To determine

To calculate the total hours per week and the reasons quantity supplied increases with the hourly wage and the individuals who have a backward bending supply curve and whether the market supply curve would bend backwards in the table shown below.

Concept Introduction:

Wage rates: The amount of base wage paid to a worker per hour or day or per unit of output if on piecework

Market supply curve: this is an upward sloping curve depicting the positive relationship between price and quantity supplied

Expert Solution & Answer

Explanation of Solution

From the data given in the table, we can determine the total hours of labor hours supplied by,

Hourly wage $	Q₁	Q₂	Q₃	Q_T
15	20	0	0	35
16	25	0	0	41
17	35	10	0	62
18	45	25	10	98
19	42	40	30	131
20	38	37	45	140

Here, the quantity supplied will tend to increase with an increase in the hourly wage because every additional unit of labor supplied will now earn more than the earlier level.

To understand the backward bending nature of labor supply, we see that the individuals Q₁and Q₂will show a backward bending supply curve in the range shown as we can clearly see that with an increase in the hourly wage after a point, there is a reduction in the hours of work performed.

The market supply of labor does not show a backward bending supply curve of labor which can be assessed from the column Q_T.

Answer 6

Chapter 12, Problem 1P

To determine

To calculate the total hours per week and the reasons quantity supplied increases with the hourly wage and the individuals who have a backward bending supply curve and whether the market supply curve would bend backwards in the table shown below.

Concept Introduction:

Wage rates: The amount of base wage paid to a worker per hour or day or per unit of output if on piecework

Market supply curve: this is an upward sloping curve depicting the positive relationship between price and quantity supplied

Expert Solution & Answer

Explanation of Solution

From the data given in the table, we can determine the total hours of labor hours supplied by,

Hourly wage $	Q₁	Q₂	Q₃	Q_T
15	20	0	0	35
16	25	0	0	41
17	35	10	0	62
18	45	25	10	98
19	42	40	30	131
20	38	37	45	140

Here, the quantity supplied will tend to increase with an increase in the hourly wage because every additional unit of labor supplied will now earn more than the earlier level.

To understand the backward bending nature of labor supply, we see that the individuals Q₁and Q₂will show a backward bending supply curve in the range shown as we can clearly see that with an increase in the hourly wage after a point, there is a reduction in the hours of work performed.

The market supply of labor does not show a backward bending supply curve of labor which can be assessed from the column Q_T.

Answer 7

Chapter 12, Problem 1P

To determine

To calculate the total hours per week and the reasons quantity supplied increases with the hourly wage and the individuals who have a backward bending supply curve and whether the market supply curve would bend backwards in the table shown below.

Concept Introduction:

Wage rates: The amount of base wage paid to a worker per hour or day or per unit of output if on piecework

Market supply curve: this is an upward sloping curve depicting the positive relationship between price and quantity supplied

Answer 8

Expert Solution & Answer

Explanation of Solution

From the data given in the table, we can determine the total hours of labor hours supplied by,

Hourly wage $	Q₁	Q₂	Q₃	Q_T
15	20	0	0	35
16	25	0	0	41
17	35	10	0	62
18	45	25	10	98
19	42	40	30	131
20	38	37	45	140

Here, the quantity supplied will tend to increase with an increase in the hourly wage because every additional unit of labor supplied will now earn more than the earlier level.

To understand the backward bending nature of labor supply, we see that the individuals Q₁and Q₂will show a backward bending supply curve in the range shown as we can clearly see that with an increase in the hourly wage after a point, there is a reduction in the hours of work performed.

The market supply of labor does not show a backward bending supply curve of labor which can be assessed from the column Q_T.

Answer 9

Expert Solution & Answer

Answer 10

Expert Solution & Answer

Answer 11

Ch. 12 - Prob. 1P Ch. 12 - Prob. 2P Ch. 12 - Prob. 3P Ch. 12 - Prob. 4P Ch. 12 - Prob. 5P Ch. 12 - Prob. 6P Ch. 12 - Prob. 7P Ch. 12 - Prob. 8P Ch. 12 - Prob. 9P Ch. 12 - Prob. 10P

Explanation of Solution

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Chapter 12 Solutions