In a coal town, the coal company acts as the sole employer. Suppose the demand for...
In a coal town, the coal company acts as the sole employer. Suppose the demand for coal workers is W = 5,000 - 50n, where W is the wage per month, and n is the number of coal workers hired. The supply of coal workers is given by W = 500 + 25n.
If the coal company takes advantage of its monopolist position, how many coal workers will it hire?
What wage will it pay?
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In a coal town, the coal company acts as the sole employer.
Suppose the demand for...
In a coal town, the coal company acts as the sole employer. Suppose the demand for...
In a coal town, the coal company acts as the sole employer. Suppose the demand for coal workers is W = 5,000 - 50n, where W is the wage per month, and n is the number of coal workers hired. The supply of coal workers is given by W = 500 + 25n. If the coal company takes advantage of its monopsonist position, how many coal workers will it hire? What wage will it pay?
P4-2 2. Suppose that in the town of Beckertown, black house painters compete against white house...
P4-2
2. Suppose that in the town of Beckertown, black house painters compete against white house painters and they are equally productive. Some employers have a preference for white house painters; they are willing to pay a price so that they do not have to hire black painters. Other employers do not care whether they hire black or white painters as long as they are equally productive. You have been doing research on this market and you know that the...
Suppose that you have been hired to analyze wages in a simple market. The demand for...
Suppose that you have been hired to analyze wages in a simple market. The demand for labour and supply of labour can be represented by the following equations, where L stands for the quantity of labour (measured in thousands of workers) and W stands for the wage rate (measured in dollars per hour): Demand: Supply: P = 100 - 5W S = 5W a. Calculate the equilibrium wage (price) and quantity of labour employed in this market. b. A new...
4. Suppose that in a competitive labor market, demand for workers is Qp- 10,000 - 100W...
4. Suppose that in a competitive labor market, demand for workers is Qp- 10,000 - 100W and the labor supply is Qs 2000+190oW, where Q is the quantity of workers employed and W is the hourly wage. [io pts. each] a. What is the initial equilibrium wage and employment level? b. Suppose that the government imposes a minimum wage of s5 per hour. How many people will be employed under the new minimum wage law? Suppose that the demand for...
THIS IS ALL ONE QUESTION Assume the firm is a monopolist: Demand for labor is VMP...
THIS IS ALL ONE QUESTION Assume the firm is a monopolist: Demand for labor is VMP = 35 – 0.004E, supply of labor is w = 5 + 0.01E, and Marginal cost of hiring workers is MC = 5 + 0.02E a. How much labor does the firm hire and at what wage when there is no minimum wage? b. How much labor would be employed if this was a perfectly competitive market? c. Draw the diagram and show the...
1) ABC (american bread company) is a competitor in the product market but a monopolist in...
1) ABC (american bread company) is a competitor in the product market but a monopolist in the labor market. ABC's production function is characterized as Q=30L-0.5L2. It is also known that the market demand and supply of bread was Q=1000-5P and Q=-20+250P respectevily. The market supply of labor is W=2L answer the following A. derive the unconditional demand for labor for ABC. show all computations b. suppose ABC does not exploit its monopsony powers ( acts as a competitor in...
1) ABC (american bread company) is a competitor in the product market but a monopolist in the labor market. ABC's production function is characterized as Q=30L-0.5L2. It is also known that the mar...
1) ABC (american bread company) is a competitor in the product market but a monopolist in the labor market. ABC's production function is characterized as Q=30L-0.5L2. It is also known that the market demand and supply of bread was Q=1000-5P and Q=-20+250P respectevily. The market supply of labor is W=2L answer the following A. derive the unconditional demand for labor for ABC. show all computations b. suppose ABC does not exploit its monopsony powers ( acts as a competitor in...
Q (trees cut per day) 0 40 Wage ($/day) L (# of lumberjacks 30 0 34...
Q (trees cut per day) 0 40 Wage ($/day) L (# of lumberjacks 30 0 34 1 382 423 46 4 505 54 6 71 89 103 114 120 Pointy Stone Lumber Company is the sole employer of lumberjacks in the area. The table above provides information about the supply of lumberjacks and the total quantity they can produce per day. Trees sell for $6 per tree. a. What wage rate does Pointy Stone Lumber Company pay? Wage rate =...
2. Now, go back to the original supply and demand equations: Ed 60 2*w Es =-10+5"w...
2. Now, go back to the original supply and demand equations: Ed 60 2*w Es =-10+5"w Redraw these on a new graph, as you did in the above question Suppose that a minimum wage of S12/hr is now imposed. a) What is the quantity demanded at this new wage? What is the quantity supplied? How many workers are hired? How many jobs are lost? b) Show all of the above on your graph. Once again, with the minimum wage in...
Please be specific in your answers. Thanks a lot! Intermediate macroeconomic theory I (ECON303) Tutorial #3:...
Please be specific in your answers. Thanks a lot!
Intermediate macroeconomic theory I (ECON303) Tutorial #3: The firm's problem Paul owns a firm that produces output (Y) with capital (K) and labour (N) accord- ing Y = zk" N i n which z is total factor productivity. Say that z = 100, that K = 1. and that a = 0.5. Each worker supplies one unit of labour. Each unit of labour is paid the wage rate w. The price...
P4-2
2. Suppose that in the town of Beckertown, black house painters compete against white house painters and they are equally productive. Some employers have a preference for white house painters; they are willing to pay a price so that they do not have to hire black painters. Other employers do not care whether they hire black or white painters as long as they are equally productive. You have been doing research on this market and you know that the...
Suppose that you have been hired to analyze wages in a simple market. The demand for labour and supply of labour can be represented by the following equations, where L stands for the quantity of labour (measured in thousands of workers) and W stands for the wage rate (measured in dollars per hour): Demand: Supply: P = 100 - 5W S = 5W a. Calculate the equilibrium wage (price) and quantity of labour employed in this market. b. A new...
4. Suppose that in a competitive labor market, demand for workers is Qp- 10,000 - 100W and the labor supply is Qs 2000+190oW, where Q is the quantity of workers employed and W is the hourly wage. [io pts. each] a. What is the initial equilibrium wage and employment level? b. Suppose that the government imposes a minimum wage of s5 per hour. How many people will be employed under the new minimum wage law? Suppose that the demand for...
Q (trees cut per day) 0 40 Wage ($/day) L (# of lumberjacks 30 0 34 1 382 423 46 4 505 54 6 71 89 103 114 120 Pointy Stone Lumber Company is the sole employer of lumberjacks in the area. The table above provides information about the supply of lumberjacks and the total quantity they can produce per day. Trees sell for $6 per tree. a. What wage rate does Pointy Stone Lumber Company pay? Wage rate =...
2. Now, go back to the original supply and demand equations: Ed 60 2*w Es =-10+5"w Redraw these on a new graph, as you did in the above question Suppose that a minimum wage of S12/hr is now imposed. a) What is the quantity demanded at this new wage? What is the quantity supplied? How many workers are hired? How many jobs are lost? b) Show all of the above on your graph. Once again, with the minimum wage in...
Please be specific in your answers. Thanks a lot!
Intermediate macroeconomic theory I (ECON303) Tutorial #3: The firm's problem Paul owns a firm that produces output (Y) with capital (K) and labour (N) accord- ing Y = zk" N i n which z is total factor productivity. Say that z = 100, that K = 1. and that a = 0.5. Each worker supplies one unit of labour. Each unit of labour is paid the wage rate w. The price...
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