ECON MICRO (with MindTap, 1 term (6 months) Printed Access Card) (New, Engaging Titles from 4LTR Press)
6th Edition
ISBN: 9781337408059
Author: William A. McEachern
Publisher: Cengage Learning
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Question
Chapter 12, Problem 3P
To determine
Ways to measure the value the workers attach to a job amenity.
Concept Introduction:
Job amenity: additional features or benefits that enhances the desirability of a job
Non-wage determinants of labor supply: this is a concept that defines the number of workers that are able to work in a particular job or industry at a given wage rate.
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Students have asked these similar questions
Labor (L)
Quantity of
Output (Q)
Average Product
of Labor (APL)
Capital (K)
Marginal Product
of Labor (MPL)
10
1
10
50
?
2
10
70
?
3
10
70
4
10
240
?
7. Use a graph and derive the labor supply
curve of a worker. Explain in detail.
QUESTION 18
The following table shows the DVDS production. Study the table and answer the questions?
Labor (L)
Total
Marginal
Product
Average
Product of
MRPL
product of
labor (TPL)
W
(MPL)
labor (APL)
20
20
30
36
4
40
42
42
1. Based on the above table, how much is the marginal product (MPL) of the 3rd labor?
2. Based on the above table, which labor has the largest marginal product?
Chapter 12 Solutions
ECON MICRO (with MindTap, 1 term (6 months) Printed Access Card) (New, Engaging Titles from 4LTR Press)
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Similar questions
- 12. The figure shows Edwyn’s labor supply curve. Consider a wage increase from $5 to $6. For Edwyn, does the price effect or income effect dominate his labor supply decision? Consider a wage increase from $7 to $8. For Edwyn, does the price effect or income effect dominate his labor supply decision?arrow_forward60 50 40 30 20 10F 2 3 4 Number of Workers Employed per Week Refer to Figure 7-1. If this figure represents Total Product per week, what is the marginal product of the fourth worker hired each week? Quantity of Bicycles Per Weekarrow_forwardWhat are unfair labor practices? Who determines what behavior is unfair? What can management do to avoid these actions during the negotiation process? Management infractions include harassment, threatening employees, cutting hours, pay cuts, and other illegal activities. What are some things that employees do that are illegal? How can management keep these things from affecting the workplace? (Ctarrow_forward
- Below are the overtime hours (O) worked by 3 employees an an Office. Calculate var(O). (3 significant digits in final answer) Worker Jim Pam Dwight Overtime Hrs. 10 3 Answer:arrow_forwardThe paper factory employs 470470 workers, producing 1,3001,300 tons of paper per month. Hiring 2020 more workers will increase the output by 5050 tons of paper.Calculate the total product for the next additional 2020 workers if their marginal product is 1010 tons of paper per month. Enter your answer in the box below and round to the nearest whole number if necessary.arrow_forwardWhat is the difference between being unemployed and being out of the labor force?arrow_forward
- 10. Recently, some college alumni started a moving service for students living on campus. They have three employees and are debating hiring a fourth. The hourly wage for an employee is $18 per hour. An average moving job takes four hours. The company currently does three moving jobs per week, but with one more employee, the company could manage five jobs per week. The company charges $80 for a moving job. What would be the new employee’s marginal product of labor? What is the value of that marginal product? Should the moving service hire a fourth worker?arrow_forwardWhat is Job Match Quality? a. The marginal product associated with the match of a particular worker with a particular job. b. The average product associated with the match of a particular worker with a particular job. c. The total product associated with the match of a particular worker with a particular job. d. The joint product associated with the match of a particular worker with a particular job.arrow_forwardGive typing answer with explanation and conclusionarrow_forward
- Why the answer is 4 hours?arrow_forwardUnits of Labor 0 1 2 3 4 5 Quantity of Output 0 10 25 32 38 43 Product Price $17 $16 $15 $14 $13 $12 Marginal Revenue Product (A) (B) (C) (D) (E) 2 Use the table above. Assume all figures in the table pertaining to labor productivity are per-hour. 1. If the wage is $25 per hour, this firm should hire [Select] 2. If the wage is $50 per hour, this firm should hire [Select]arrow_forward(Table) Based on the table, what is the MRP for the sixth worker? Q Labor Output Product Price MRP 25 11 2. 40 11 50 11 58 11 5 64 11 67 11 O A. $737 OB. $0 OC. $33 O D. $3 A Moving to another question will save this response. 0000arrow_forward
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