Homework Answers
1. Option C. $15
Explanation: Marginal factor cost is the increase in total cost due to employing one more unit of a factor of production. Here, total cost for employing 4 workers = $10*4 = $40 and the total cost of employing 5 workers = $11*5 = $55.
So, the marginal factor cost of the 5th unit of worker = $55 - $40 = $15.
2. Option C. An increase in the preference for leisure
Explanation: When there is an increase in preference for leisure, workers supply lower quantity of labor at each price. Therefore, supply of labor falls.
3. Option C. The demand for airline pilots depends on the demand for air travel
Explanation: The demand for airline pilots is a derived demand aslnd it depends on the demand for air travel.
Add Answer to:
Wage Number of Workers $7 1 2 $9 $11 | $126 The data in the table...
where w is the wage, L is the number of workers, aD and aS are constants...
where w is the wage, L is the number of workers, aD
and aS are constants
Suppose business owners predict low sales next year, so they
reduce hiring. As a result, aD=70,000 and
aS=10,000.
Using the diagram for the labor market, answer what would happen
to the demand and supply curves:
Question 3 Consider the following labor market Labor demand: LD - ad-w Labor supply: LS = 35 + 2w where w is the wage, L is the number of...
1. Refer to the table below, which describes a labor market. Wage Quantity Labor Demanded Quantity...
1. Refer to the table below, which describes a labor market. Wage Quantity Labor Demanded Quantity Labor Supplied $7.25/hr 7,000 800 $9.25/hr 6,900 3,800 $11.25/hr 6,800 6,800 $13.25/hr 6,700 9,800 $15.25/hr 6,600 12,800 $17.25/hr 6,500 15,800 What is the equilibrium wage and labor quantity in this market? Group of answer choices $13.25/hr and 9,800 $7.25/hr and 7,000 $11.25/hr and 6,800 $15.25/hr and 6,600 2. Refer to the table below, which describes a labor market. Wage Quantity Labor Demanded Quantity Labor...
oter 7 Name Number of units of a product a worker can produce in a period of time. The added sales revenue coming...
oter 7 Name Number of units of a product a worker can produce in a period of time. The added sales revenue coming from selling the added output due to the additional worker. The relationship between the wage and the number of people willing and qualified to work in that occupation. KEY TERMS KEY TERMS 1. Capital goods 2. Demand for labor 3. Derived demand 4. Economic rent 5. Entrepreneurship 6. Equilibrium wage 7. Interest 8. Labor productivity 9. Labor...
Question 13 1pts Suppose that the labor market for low skill jobs in California is close...
Question 13 1pts Suppose that the labor market for low skill jobs in California is close to a competitive labor market. Many of low skill labor are from Mexico and Central America. Some politicians are considering restricting immigration from these countries. This would cause a decrease in the supply of labor leading to an increase in the equilibrium wage and an increase in the equilibrium quantity of labor employed. a decrease in the supply of labor leading to an increase...
Please chose the right answer and explain why. Thank you so much! Question 5 1 pts...
Please chose the right answer and explain why. Thank you so
much!
Question 5 1 pts Suppose that the government mandates a minimum wage, as shown in the graph below. How many unemployed workers will there be in this market with the minimum wage? (in millions) Wage Rate ($/hour) Labor Market Supply of Labor Minimum wage 2- > 131 X Demand for Labor 1.7 2 2.4 Quantity (Number of Workers, Millions) Question 6 1 pts The graph below illustrates a...
38. An increase in the supply of labor с.increases the value of ~ginal Product of er...
38. An increase in the supply of labor с.increases the value of ~ginal Product of er and enes D. decreases the value of the marginal product of labor and increases the wage the wage. 39. A decrease in the demand for fish A. decreases the value of the marginal product of fishemen reduces their wage, and reduces employment in the fishing industry employment in the fishing industry employment in the fishing industry employment in the fishing industry B. increases the...
1 through 3 Homework Assignment #8 1. (6 points) Deciding how many workers to hire: Assume...
1 through 3
Homework Assignment #8 1. (6 points) Deciding how many workers to hire: Assume that the initial price of shoes in this example is $30 per pair. What is the marginal revenue product for each worker? Fill in the following chart and graph each function.. Number of 0 1 2 3 4 5 6 7 workers Total 019293743 46 48 48 Output Or shoes Marginal Output of shoes Marginal Revenue Product If it costs the firm $90 per...
Question 1 A subsidy of $10 to consumers of a product increases efficiency since there is more trade occuring wil...
Question 1 A subsidy of $10 to consumers of a product increases efficiency since there is more trade occuring will decrease what a consumer pays by $10 still decreases efficiency since the marginal cost to some suppliers is highe than the marginal benefit to some consumers will reduce the quantity sold in the market Question 2 1 pts The difference between a wage subsidy and a minimum wage is that a subsidy decreases quantity whereas a minimim wage increases it...
Labor Economics, multiple choice questions 1. In the leisure-income model, the wage constraint shows a. the...
Labor Economics, multiple choice questions
1. In the leisure-income model, the wage constraint shows a. the points that maximize a worker's utility b. all points that are equally preferred c. the wage rates that affect work decisions d. the available combinations of leisure and income 2. The slope of a wage constraint reflects the: a. rate at which a person is willing to substitute leisure for income c. income effect b. price of leisure d. substitution effect 3. When a...
1. Live Happley should hire (one, two, three, four, or five) worker 2. Now Live Happley...
1. Live Happley should hire (one, two, three, four, or five)
worker
2. Now Live Happley should hire (one, two, three, four, or five)
workers
3. An increase in the price of strawberries will cause the
(Supply of/demand for) strawberry pickers to
(decrease/increase)
4. Live Happley will now hire (one, two, three, four, or five)
workers
4. Profit maximization Consider Live Happley Fields, a small player in the strawberry business whose production has no individual effect on wages and prices....
where w is the wage, L is the number of workers, aD
and aS are constants
Suppose business owners predict low sales next year, so they
reduce hiring. As a result, aD=70,000 and
aS=10,000.
Using the diagram for the labor market, answer what would happen
to the demand and supply curves:
Question 3 Consider the following labor market Labor demand: LD - ad-w Labor supply: LS = 35 + 2w where w is the wage, L is the number of...
oter 7 Name Number of units of a product a worker can produce in a period of time. The added sales revenue coming from selling the added output due to the additional worker. The relationship between the wage and the number of people willing and qualified to work in that occupation. KEY TERMS KEY TERMS 1. Capital goods 2. Demand for labor 3. Derived demand 4. Economic rent 5. Entrepreneurship 6. Equilibrium wage 7. Interest 8. Labor productivity 9. Labor...
Question 13 1pts Suppose that the labor market for low skill jobs in California is close to a competitive labor market. Many of low skill labor are from Mexico and Central America. Some politicians are considering restricting immigration from these countries. This would cause a decrease in the supply of labor leading to an increase in the equilibrium wage and an increase in the equilibrium quantity of labor employed. a decrease in the supply of labor leading to an increase...
Please chose the right answer and explain why. Thank you so
much!
Question 5 1 pts Suppose that the government mandates a minimum wage, as shown in the graph below. How many unemployed workers will there be in this market with the minimum wage? (in millions) Wage Rate ($/hour) Labor Market Supply of Labor Minimum wage 2- > 131 X Demand for Labor 1.7 2 2.4 Quantity (Number of Workers, Millions) Question 6 1 pts The graph below illustrates a...
38. An increase in the supply of labor с.increases the value of ~ginal Product of er and enes D. decreases the value of the marginal product of labor and increases the wage the wage. 39. A decrease in the demand for fish A. decreases the value of the marginal product of fishemen reduces their wage, and reduces employment in the fishing industry employment in the fishing industry employment in the fishing industry employment in the fishing industry B. increases the...
1 through 3
Homework Assignment #8 1. (6 points) Deciding how many workers to hire: Assume that the initial price of shoes in this example is $30 per pair. What is the marginal revenue product for each worker? Fill in the following chart and graph each function.. Number of 0 1 2 3 4 5 6 7 workers Total 019293743 46 48 48 Output Or shoes Marginal Output of shoes Marginal Revenue Product If it costs the firm $90 per...
Question 1 A subsidy of $10 to consumers of a product increases efficiency since there is more trade occuring will decrease what a consumer pays by $10 still decreases efficiency since the marginal cost to some suppliers is highe than the marginal benefit to some consumers will reduce the quantity sold in the market Question 2 1 pts The difference between a wage subsidy and a minimum wage is that a subsidy decreases quantity whereas a minimim wage increases it...
Labor Economics, multiple choice questions
1. In the leisure-income model, the wage constraint shows a. the points that maximize a worker's utility b. all points that are equally preferred c. the wage rates that affect work decisions d. the available combinations of leisure and income 2. The slope of a wage constraint reflects the: a. rate at which a person is willing to substitute leisure for income c. income effect b. price of leisure d. substitution effect 3. When a...
1. Live Happley should hire (one, two, three, four, or five)
worker
2. Now Live Happley should hire (one, two, three, four, or five)
workers
3. An increase in the price of strawberries will cause the
(Supply of/demand for) strawberry pickers to
(decrease/increase)
4. Live Happley will now hire (one, two, three, four, or five)
workers
4. Profit maximization Consider Live Happley Fields, a small player in the strawberry business whose production has no individual effect on wages and prices....
Most questions answered within 3 hours.
-
find the critical value associated with a right sided hypothesis of
the mean using a sample...
asked 1 hour ago -
Which of the following statements is true with respect to a
simple linear regression model?
a....
asked 2 hours ago -
The energy required to remove an electron from a surface of a
solid element is called...
asked 3 hours ago -
How would you train your employees to avoid risks of using
mobile devices?
asked 3 hours ago -
Assume Kw = 1.01 ✕ 10−14
For pure water, we can calculate [H3O+ ] = [OH...
asked 4 hours ago -
Suppose that on a temperature scale X, water boils at 203.0°X
and freezes at -105.7°X. What...
asked 5 hours ago -
BaS crystallizes in a cubic unit cell with S2- ions on each
corner and each face....
asked 6 hours ago -
A. 0≤P(Oi)≤10≤P(Oi)≤1 for each i
B. P(Oi)≤0P(Oi)≤0
C. P(Oi)=1+P(OCi)P(Oi)=1+P(OiC)
D. P(Oi)≥1P(Oi)≥1
If an experiment consists of...
asked 7 hours ago -
A battery has an emf of 9.20V and an internal resistance of 1.20
ohm. a)What resistance...
asked 7 hours ago -
The area of an elastic circular loop decreases at a constant
rate, dA/dt = −6.60×10−3 m2/s...
asked 8 hours ago -
The denaturation of proteins can be described by the
equilibrium
F⇌U
where F and U represent...
asked 10 hours ago -
Please answer what the maximum and minimum force is, and the
angle on the ion is...
asked 10 hours ago