Need help, please show work 2) Answer the following questions on the basis of the table...
Answer the following questions on the basis of the table shown here. QB is type B labor, and VMPBx and VMPBy are the industry values of the marginal products of this labor in producing x and y, the only two goods in the economy. a. Explain why the VMPs in the table decline as more units of labor are employed. b. If the supply price or opportunity cost of labor PL is $9, how many units of type B labor...
1. (50 marks) Answer the following questions on the basis of the table shown here. QB is type B or, and VMPBx and VMPBy are the industry values of the marginal products of this labor in producing x and y, the only two goods in the economy Explain why the VMPs in the table decline as more units of labor are employed If the supply price or opportunity cost of labor PL is $9, how many units of type B...
Need help, please show work The table below provides the results of the Current Population Survey for the year 2017. 3. a) Calculate the labor force participation rate and the unemployment rate in 2017. [You should show your work.] Number of People 665 Employed Unemployed Not in the Labor Force 35 300 b) The labor market diagram below depicts the supply and demand for labor services of working-age teenagers (age 16-19). Suppose the government institutes a minimum wage of $15...
I need help with D,E,F,G thanks in advance (Please only answer if you know) 2. . Use the data provided in the below table to construct a production possibilit A Type of Product Wine Beer Production Alteratives, in millions of bar B C I DE 2 6 I 8 12 9 5 0 0 14 - + 7.5 Ø 10.5 z 13.5 15 6. What is the opportunity cost of producing 8 million barrels of wine? c. What is the...
Need help with D-G thanks please answer if you know the answer and if you can explained thanks! Use the data provided in the below table to construct a production possibilities curve for an economy Production Altimatives, in millions of barrels per year al Product QDc + 10.5 12 13.5 15 3 b. What is the opportunity cost of producing 8 million barrels of wine c. What is the opportunity cost of producing 14 million barrels of beer? d. What...
Answer the questions below on the basis of the diagram. Please show your work when calculating the values. Cost per unit 1 2 3 4 5 6 7 8 9 Quantity (in 1,000s) a. How can you tell if these cost curves are for the short run or the long run? Please briefly explain. b. What is the value of the AVC at 6,000 units of output? c. What is the value of the ATC at 6,000 units of output?...
Answer the questions below on the basis of the diagram. Please show your work when calculating the values. o Cost per unit + - 0 1 2 3 4 5 6 7 8 9 Quantity (in 1,000s) a. How can you tell if these cost curves are for the short run or the long run? Please briefly explain. b. What is the value of the AVC at 3,000 units of output? c. What is the value of the ATC at...
Answer these questions on the basis of the information in the accompanying table. The data are for a competitive firm. a. What is the profit-maximizing level of job safety as viewed by the firm? Explain. b. Assume that information is perfect and that workers accurately assess personal risk. What is the optimal level of job safety from society's perspective? Explain. c. Suppose government imposed a minimum safety standard of 5 units. Why would the firm object? Speculate about why some...
2. Show work. Examine the following statistics about the economy and answer the questions below: Unemployment rate: 10% Number of employed: 180 mil Labor force participation rate: 64% How many people are unemployed and how many people are in the labor force? b. How many people are classified as not being in the labor force?
wh. laa Answer questions 3 through 6 based on the following information: There are two countries, Home and Foreign, in a hypothetical world. Each of these two countries are Ricardian economies. Each country is endowed with 100 labor hours. Each country can use labor to produce two goods, cheese and car. The following table shows labor requirements per unit of each good in each country. Perfect competition prevails everywhere in the two-country world. Suppose that w and w represent Home's...