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 6P
To determine
The objectives of unions.
Concept Introduction:
Objectives: The aim or goal that a group of individuals works towards to be achieved in the future.
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Students have asked these similar questions
(Figure: Labor Union Wages I) The figure represents a labor union with wage in dollars and quantity of labor in hundreds
of hours.
Wage 200
($) 180
160
140
120
100
80
60
40-
20
0
MR
MC
LD
10 20 30 40 50 60 70 80
Quantity of labor
If the labor union chooses to maximize profit, how many workers will it supply?
0 2,750
4,000
8,000
5,000
(a)
The table below shows the relationship between number of workers hired and output.
Total
Total
Marginal
Marginal Price
Labour Product
(unit)
Revenue
Revenue
Product
(RM)
(RM)
Product
20
1
50
20
2
90
20
3
20
600
4
20
400
20
200
155
20
Complete the table.
includes the wages paid to workers, the cost of any benefits the worker receives, and other expenses related to
employing a worker.
A) The price of labor
(B) Marginal revenue product
(C) The wage
Take-home pay
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
- Will union membership continue to decline? Why or why not?arrow_forward12-4 Give reasons why unionization rates have declined in recent decades 8. (Unionization Rates) What trends have worked against the union movement during the last half century? What has happened to the effectiveness of strikes and whyarrow_forward15) In a competitive labour market, firms will hire labour up to the point where themarginal revenue product of labour equals(a) total labour cost.(b) the wage rate.(c) the marginal product.(d) the price of the product.arrow_forward
- 3arrow_forward2. Graphing demand for labor and computing the optimal quantity of labor demanded A company operates in a competitive market, selling each unit of output for a price of $20 and paying the market wage of $330 per day for each worker it hires. In the following table, complete the column for the value of the marginal product of labor (VMPL) at each quantity of workers. Labor Output Marginal Product of Labor Value of the Marginal Product of Labor (Number of workers) (Units of output) (Units of output) (Dollars) 20 1. 20 19 2 39 18 57 15 72 12 84 On the following graph, use the blue points (circle symbol) to plot the firm s labor demand curve. Then, use the orange line (square symbols) to show the wage rate. (Note: If you cannot place the wage rate at the level you want, move the two end points individually.) Hint: Remember to plot each point halfway between the two integers. For example, when the number of workers increases from 0 to 1, the value of the marginal product for the first…arrow_forward5 What are factors contributing to the de-professionalization of teachers? (Education)arrow_forward
- M8arrow_forwardConsider two labor markets, an eastern state and a western state, that enact different laws governing labor unions. The following graph illustrates the labor market for the state in the East. Initially, the market-clearing hourly wage is $12. Suppose that the government in this eastern state passes a law that makes it easier for workers to become union members. Through a process of collective bargaining, the union negotiates an hourly wage of $16. Use the black point (plus symbol) to show how many union workers will be employed at the $16 wage. (Hint: Be sure to place the point on the appropriate curve.)arrow_forwardWhat is the long-term trend in American union membership?arrow_forward
- Are firms with a high percentage of union employees more likely to go bankrupt because of the higher wages that they pay? Why or why not?arrow_forwardWhat is a labor union?arrow_forwardA(n)_______ exists when the supply of labor is greater than the demand for it. Question 5 options: 1) labor shortage 2) excess demand 3) labor supply 4) labor surplusarrow_forward
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