Homework Answers
a)
b) The firm should hire the number of labor at the point where MEL = VMPL. From the table it is seen that the will hire 11 workers. The wage rate they will receive is $9.
c) If the government set a $9 minimum wage, the employment level will reman unchanged at 11 workers, because $9 is the profit maximizing wage.
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3. The supply of labor is given in the following table for Diamond Bakery, which is...
On a separate sheet of paper, draw a labor supply and demand diagram for a single...
On a separate sheet of paper, draw a labor supply and demand diagram for a single firm in a competitive labor market. Remember, a competitive firm can hire as many workers as it likes at the market wage w* so supply of labor to the firm is horizontal. Label your axes, your supply and demand curves, and labor market equilibrium, w*, E*. On a second graph, draw a labor supply and demand diagram for a non-discriminating monopsonist, where the monopsonist...
Suppose a Monopsony facing the following labor supply given by curve: L = 4W, where Lis...
Suppose a Monopsony facing the following labor supply given by curve: L = 4W, where Lis the number of workers and W = hourly wage. a) Express the hourly wage in terms of the number of workers (L). b) Provide an expression of total labor cost in terms of the number of workers (L) c) Express the marginal expense of labor (MEL) in terms of the number of workers. d) Suppose the marginal revenue product of labor ((MRPL) = 15...
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...
not sure how to answer part d 14.2. The figure below shows the supply of labor,...
not sure how to answer part d
14.2. The figure below shows the supply of labor, marginal factor costs, and the demand for labor for a firm that is large enough that it is essentially a monopsonist in the community in which it operates. Assume that all workers are paid the same wage and that they work 2,000 hours per year (40 hours a week for 50 weeks). Note: Refer to sections 14.1 & 14.2 in the Principles of Microeconomies...
The table below provides the production function for Danny’s Deliveries, a bicycle delivery service in an...
The table below provides the production function for Danny’s
Deliveries, a bicycle delivery service in an urban area. Danny’s
operates in a perfectly competitive market and charges $20per
delivery. Employees are equally proficient at riding a bicycle, and
Danny is able to hire as many constant-quality (equally productive)
delivery persons at the going market wage rate as he wants. Assume
labor is the only variable input,Danny has fixed costs of $50per
day, and Danny’s goal is to maximize profit.
TC...
Assume a mis amongst that can heitsfest work for $6 but must increase the wage rate...
Assume a mis amongst that can heitsfest work for $6 but must increase the wage rate by $3 to attract each successive workers that the second worker must be paid $9 the third $12.and so on. The main revenue product of labor is given in the table below Units of Labor Marginal Revenue Product a Draw the firm's labor supply and marginal resource cost curves Instructions: Use the tool provided to draw the labor supply curve plot 6 points to...
Complete the following labor supply table for a firm hiring labor competitively 9 Marginal Marginal Resource...
Complete the following labor supply table for a firm hiring labor competitively 9 Marginal Marginal Resource Units of Total Labor Revenue Labor (Labor) Cost Wage Rate Cost Product $14 $ na na 1 14 $38 2 14 28 14 24 4 14 20 5 14 14 6 14 1e Show graphically the labor supply and marginal resource (labor) cost curves for this Instructions: 1. Use the line tool (MRC, plot 6 points) to draw the marginal resource cost curve. 2...
The table below provides the production function for Danny’s Deliveries, a bicycle delivery service in an...
The table below provides the production function for Danny’s
Deliveries, a bicycle delivery service in an urban area. Danny’s
operates in a perfectly competitive market and charges $20per
delivery. Employees are equally proficient at riding a bicycle, and
Danny is able to hire as many constant-quality (equally productive)
delivery persons at the going market wage rate as he wants. Assume
labor is the only variable input,Danny has fixed costs of $50per
day, and Danny’s goal is to maximize profit.
ALSO,...
The table below shows the marginal product of labor at various employment levels. Assume this firm...
The table below shows the marginal product of labor at various employment levels. Assume this firm is a monopoly, and the marginal revenue is in the table below. Labor Marginal Product of Labor Marginal Revenue 1 10 20 2 8 14 3 7 10 4 5 8 5 3 4 6 1 2 What is the marginal revenue product of labor at each level of labor? If the firm operates in a perfectly competitive labor market where the going...
please anwser all questions. thank you so much! Aa Aa Undershaft Industries is a monopsonist. The following graph shows the labor supply curve it faces (labeled "S"), its marginal reven...
please anwser all questions. thank you so much!
Aa Aa Undershaft Industries is a monopsonist. The following graph shows the labor supply curve it faces (labeled "S"), its marginal revenue product curve (labeled "MRP"), and its marginal rèsource cośt curve (labeled MRC). WAGE (Dollars per hour 50 MR 40 MRP 30 20 10 10 20 30 40 QUANTITY OF LABOR INumber of werkersl Undershaft faces an upward-sloping above its labor supply curve. labor supply curve. Therefore, its marginal resource cost...
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...
not sure how to answer part d
14.2. The figure below shows the supply of labor, marginal factor costs, and the demand for labor for a firm that is large enough that it is essentially a monopsonist in the community in which it operates. Assume that all workers are paid the same wage and that they work 2,000 hours per year (40 hours a week for 50 weeks). Note: Refer to sections 14.1 & 14.2 in the Principles of Microeconomies...
The table below provides the production function for Danny’s
Deliveries, a bicycle delivery service in an urban area. Danny’s
operates in a perfectly competitive market and charges $20per
delivery. Employees are equally proficient at riding a bicycle, and
Danny is able to hire as many constant-quality (equally productive)
delivery persons at the going market wage rate as he wants. Assume
labor is the only variable input,Danny has fixed costs of $50per
day, and Danny’s goal is to maximize profit.
TC...
Assume a mis amongst that can heitsfest work for $6 but must increase the wage rate by $3 to attract each successive workers that the second worker must be paid $9 the third $12.and so on. The main revenue product of labor is given in the table below Units of Labor Marginal Revenue Product a Draw the firm's labor supply and marginal resource cost curves Instructions: Use the tool provided to draw the labor supply curve plot 6 points to...
Complete the following labor supply table for a firm hiring labor competitively 9 Marginal Marginal Resource Units of Total Labor Revenue Labor (Labor) Cost Wage Rate Cost Product $14 $ na na 1 14 $38 2 14 28 14 24 4 14 20 5 14 14 6 14 1e Show graphically the labor supply and marginal resource (labor) cost curves for this Instructions: 1. Use the line tool (MRC, plot 6 points) to draw the marginal resource cost curve. 2...
The table below provides the production function for Danny’s
Deliveries, a bicycle delivery service in an urban area. Danny’s
operates in a perfectly competitive market and charges $20per
delivery. Employees are equally proficient at riding a bicycle, and
Danny is able to hire as many constant-quality (equally productive)
delivery persons at the going market wage rate as he wants. Assume
labor is the only variable input,Danny has fixed costs of $50per
day, and Danny’s goal is to maximize profit.
ALSO,...
please anwser all questions. thank you so much!
Aa Aa Undershaft Industries is a monopsonist. The following graph shows the labor supply curve it faces (labeled "S"), its marginal revenue product curve (labeled "MRP"), and its marginal rèsource cośt curve (labeled MRC). WAGE (Dollars per hour 50 MR 40 MRP 30 20 10 10 20 30 40 QUANTITY OF LABOR INumber of werkersl Undershaft faces an upward-sloping above its labor supply curve. labor supply curve. Therefore, its marginal resource cost...
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