MyLab Economics with Pearson eText -- Access Card -- for Microeconomics
6th Edition
ISBN: 9780134125886
Author: R. Glenn Hubbard, Anthony Patrick O'Brien
Publisher: PEARSON
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Chapter 17, Problem 17.2.7PA
To determine
Changing demographics.
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Homework (Ch 18)
Consider a company operating in a competitive market. The company sells units of output and receives a price of $30 per unit, and pays a daily
market wage of $285 to each worker it employs.
In the following table, complete the column for the value of the marginal product of labor (VMPL) at each quantity of workers.
Labor
(Number of workers)
Marginal Product of Labor
(Units of output)
Value of the Marginal Product of Labor
(Dollars)
GE (Dollars per worker)
1
500
A
450
400
350
N
300
250
Q
200
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 worker should be plotted with a…
Q35
In order to maximize profits, a firm needs to determine the quantity of each factor that it will employ, which is dictated by price as well as productivity of the factor. Assume farmer in the Ottawa area named Justin Trudeau has fixed amounts of land and capital finds that total product is 24 for the first worker hired, 32 when two workers are hired, 37 when three are hired, and 40 when four are hired. Justin Trudeau's product sells for $3 per unit, and the wage rate is $13 per worker. What is Justin Trudeau's profit-maximizing output?
Multiple Choice
16.
40
37
20
32
Summarize the articel.
KUALA LUMPUR, Nov 3 ― A research by Khazanah Research Institute (KRI) found that agriculture employment has declined significantly to just 10.2 per cent out of the total employment nationwide in 2019, from 31.2 per cent in 1982.
According KRI’s recently published report, “Work in an Evolving Malaysia: The State of Households 2020 Part II”, the decline was due to the country’s economic structure that has evolved over the years and caused concentration of economic activities continuing to differ between states.
“The agriculture sector however remains an important source of employment in the north and east coast states such as Pahang, and in Sabah and Sarawak,” said KRI in the report.
KRI found that the agriculture jobs tend to have slower productivity levels (Gross Domestic Product per employment) compared to states with less concentration in agricultural activities.
“Additionally, agriculture has consistently reported a higher incidence of fatal injuries.
“In some…
Chapter 17 Solutions
MyLab Economics with Pearson eText -- Access Card -- for Microeconomics
Ch. 17 - Prob. 17.1.1RQCh. 17 - Prob. 17.1.2RQCh. 17 - Prob. 17.1.3RQCh. 17 - Prob. 17.1.4RQCh. 17 - Prob. 17.1.5PACh. 17 - Prob. 17.1.6PACh. 17 - Prob. 17.1.7PACh. 17 - Prob. 17.1.8PACh. 17 - Prob. 17.1.9PACh. 17 - Prob. 17.2.1RQ
Ch. 17 - Prob. 17.2.2RQCh. 17 - Prob. 17.2.3PACh. 17 - Prob. 17.2.4PACh. 17 - Prob. 17.2.5PACh. 17 - Prob. 17.2.6PACh. 17 - Prob. 17.2.7PACh. 17 - Prob. 17.2.8PACh. 17 - Prob. 17.3.1RQCh. 17 - Prob. 17.3.2RQCh. 17 - Prob. 17.3.3PACh. 17 - Prob. 17.3.4PACh. 17 - Prob. 17.3.5PACh. 17 - Prob. 17.3.6PACh. 17 - Prob. 17.3.7PACh. 17 - Prob. 17.3.8PACh. 17 - Prob. 17.4.1RQCh. 17 - Prob. 17.4.2RQCh. 17 - Prob. 17.4.3RQCh. 17 - Prob. 17.4.4RQCh. 17 - Prob. 17.4.5PACh. 17 - Prob. 17.4.6PACh. 17 - Prob. 17.4.7PACh. 17 - Prob. 17.4.8PACh. 17 - Prob. 17.4.9PACh. 17 - Prob. 17.4.10PACh. 17 - Prob. 17.4.11PACh. 17 - Prob. 17.4.12PACh. 17 - Prob. 17.4.13PACh. 17 - Prob. 17.4.14PACh. 17 - Prob. 17.4.15PACh. 17 - Prob. 17.4.16PACh. 17 - Prob. 17.4.17PACh. 17 - Prob. 17.4.18PACh. 17 - Prob. 17.4.19PACh. 17 - Prob. 17.4.20PACh. 17 - Prob. 17.4.21PACh. 17 - Prob. 17.5.1RQCh. 17 - Prob. 17.5.2RQCh. 17 - Prob. 17.5.3RQCh. 17 - Prob. 17.5.4PACh. 17 - Prob. 17.5.5PACh. 17 - Prob. 17.5.6PACh. 17 - Prob. 17.5.7PACh. 17 - Prob. 17.5.8PACh. 17 - Prob. 17.6.1RQCh. 17 - Prob. 17.6.2RQCh. 17 - Prob. 17.6.3RQCh. 17 - Prob. 17.6.4PACh. 17 - Prob. 17.6.5PACh. 17 - Prob. 17.6.6PACh. 17 - The total amount of oil in the earth is not...Ch. 17 - Prob. 17.6.8PA
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- Use a graph of labor supply and labor demand to illustrate the impact of each of the folllwing events on the equilibrium wage rate and the equilibrium level of employment in a labor market. (Analyze these as two separate unrelated events). Be sure to label your graph clearly to show the direction of the shift as well as an initial equilibrium and the new equilibrium after the event. A. A decline in the productivity of this type of labor B. An increase in the preference for work versus leisure.arrow_forwardEquilibrium in the labour market depends on the demand for labour and the supply of labour. Graphically demonstrate how the supply of labour in the U.S. is affected by the increase in the labour force resulting from Mexican immigrants. What other factors that can cause the labour supply curve to shift?arrow_forwardWAGE RATE Assume that the accounting and actuarial industries employ people with similar skills. Suppose an increase in the demand for actuaries leads to a rise in their wages, while the demand for accountants remains the same. The following graph shows the labor market for accountants in the United States. Show the effect of the rise in demand for actuaries on the U.S. labor market for accountants by shifting the labor demand curve, the labor supply curve, or both. Note: Select and drag one or both of the curves to the desired position. Curves will snap into position, so if you try to move a curve and it snaps back to its original position, just drag it a little farther. QUANTITY OF LABOR о Supply Demand Demand Supply As a result, the wage rate for U.S. accountants and the level of employment ?arrow_forward
- You are given a scenario where this a change in a factor of production or a change in demand for an item. You need to explain in sentence form how this would change demand for labor. You develop a popular video game and continue to develop new versions to keep people interested in the game.arrow_forwardif leisure is an inferior good, what can you say about the slope of the labor supply curve?arrow_forward5. In Chapter 9 of your text, complete Exercise #3 found on page 321. Suppose that you observe that the wages for accountants in your town have gone up and that the number of accountants employed has also gone up. Which one of the following conditions could explain this? Illustrate your answer with a graph and explain in a brief paragraph. a) Businesses are failing, reducing the need for accountants. b) Many accountants are leaving the field in order to train to become financial analysts instead. c) A rash of business scandals has increased the demand for auditing services performed by accountants. d) The local university has just graduated an unusually large group of accountants.arrow_forward
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