Principles of Economics (MindTap Course List)
8th Edition
ISBN: 9781305585126
Author: N. Gregory Mankiw
Publisher: Cengage Learning
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Chapter 18, Problem 3QR
To determine
To determine: Thereason for shift in labor supply curve.
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- As the productivity of labor rises, so will the demand for labor. True – False: Explainarrow_forwardShow the EQUILIBRIUM point by bringing together the DEMAND and SUPPLY of LABOR. Label your graph accordingly.arrow_forwardHow do you legally reduce labor surplus? Give an example for each.arrow_forward
- What is the difference between factor cost and market price? According to macro economics?arrow_forwardAt $300 per day what is the maximum number of mechanics Craig should hire?arrow_forwardThe demand for a factor of production (productive resource) is derived from the demand for the good the factor produces True Falsearrow_forward
- Suppose the firm only produces good X and that the price of good Y, a substitutegood, decreases. What will happen to the optimal quantity of labor the firm willhire? Explain.arrow_forwardMake use of graph (one graph for each question) to describe briefly what the influence of each of the following would be on supply OR demand of labour: 1. An increase in students studying full time 2. An equal increase in the price and productivity of labour 3. A decline in the price of a substitute for a particular type of labourarrow_forwardYou 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. 1. Apple develops the iPhone and demand for it surges as people realize the benefits of this improved technology. You manufacture flip phones.arrow_forward
- Suppose Fred produces 500 litres of milk every day with 10 workers. The price of milk is $12 per litre, and each worker is paid $550 daily. If the marginal product of the last worker employed is 40 litres of milk, explain whether Fred is maximizing his profit. If not, can Fred increase his profit by employing more or fewer workers? If Fred buys more dairy cattles, how will it affect his demand for labor? Explain with a diagram.arrow_forwardExplain labour demand in short with a diagram.arrow_forwardLabor and capital can never be substituted for each other. true or false?arrow_forward
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