Homework Answers
A firms's decision to hire depends upon the demand for a good, its price, its price of factor of production and the marginal output of the labor.
Hence the correct option is
B. average product of the factor input.
When the wage rate increases in a given labor market, the amount that the workers will get has hiked up.
Hence the supply of labors increase.
At the same time the cost for the firms increase and hence they cut down on their demand for labor.
The correct option is therefore,
D. the demand for labor will decrease. E. the supply of labor will increase.
When the demand for automobiles increase, the price for the same will rise.
At the same time more labors will be used for the production of the additional demand.
As demand for labors increase, their wages will also rise.
Hence the correct option is
D. The price of automobiles increases, and the demand for automobile worker increases, resulting in higher wages and employment.
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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
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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....
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