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2. Suppose one firm's labor demand function is: D(u) =-2w + 50; (a) if this firm...
9. Suppose that a monopsony faces a labor supply curve of Ls-2+2w. What wage does the...
9. Suppose that a monopsony faces a labor supply curve of Ls-2+2w. What wage does the firm paw if it wants to hire 10 workers? b. What is the marginal expense of hiring an 10 worker? c. Draw a sample (or the exact) Labor Supply curve. Now add in a sample, ME curve and MRP curve such that the equilibrium is at 10 workers and at the wage from part a. Label the equilibrium level of employment and the equilibrium...
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...
SL= -2 + 2w DL= 14 - 2w Draw graphs to illustrate solutions. 3. Suppose that...
SL= -2 + 2w DL= 14 - 2w Draw graphs to illustrate solutions. 3. Suppose that this labor market becomes monopsonistic and that the marginal cost of labor can be described by the following relation: MWC= 1 + L 3. Suppose a minimum wage of 6$ is imposed in this market. What will happen to the amount of labor hired by the firm? 4. What is the highest minimum wage that could be imposed on this market without a loss...
9、Let W and L denote the wage and the amount of labor employed, respectively. A firm...
9、Let W and L denote the wage and the amount of labor employed, respectively. A firm faces the labor supply curve L = 2W - 6 and the marginal product of labor is given by MPL = 20 - L. The firm sells its output in a perfectly competitive market at $0.50 each. (a) If this labor market is perfectly competitive, find the equilibrium employment, the equilibrium wage, and the number of unemployed people. (b) Suppose that the government imposes...
2. Suppose that the government subsidizes employment. That is, the government pays the firm's units of...
2. Suppose that the government subsidizes employment. That is, the government pays the firm's units of consumption goods for each unit of labor the firm hires. For example, if firms hire Nd workers, the government gives subsidies qNd to the firm. The market wage is given by w. (a) Setup firm's prot maximization problem. (b) Derive firm's optimal labor demand Nd. Comparing to no-subsidy case, does firm hire more workers, less workers or remain unchanged? (c) How is the labor...
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 part of a perfectly competitive market and that the market price for the good is $10. Labor Marginal Product of Labor 1 10 2 8 3 7 4 5 5 3 6 1 What is the value of the marginal product of labor at each level of labor? If the firm operates in a perfectly competitive labor market where the going market wage...
1. In a labor market, marginal cost for a firm is ____________. a. recruiting cost b....
1. In a labor market, marginal cost for a firm is ____________. a. recruiting cost b. education cost c. wage d. all of the above 2. In a labor market, marginal benefit for a firm is the __________. a. price of one unit of the item b. marginal product of labor c. development around the factory d. None of the above 3. Suppose that automation decreases marginal product of labor. Then capital and labor are _________. a. substitutes. b. complements....
1. Suppose supply of labour is given by Ls = 10+2W and demand for labour is...
1. Suppose supply of labour is given by Ls = 10+2W and demand for labour is given by LP = 40-W. o Find the inverse demand function for labour. o Compute the equilibrium outcomes W* and L*. o Demonstrate graphically and numerically what would happen if the firm demanded 15 thousand more hours at every wage level. 2. Consider a market for steelworkers. Suppose LP=LP(w,Q) and LS=L(w,wa) where Q is the quantity of steel produced and wa is the wage...
Suppose a firm purchases labor in a competitive labor market and sells its product in a...
Suppose a firm purchases labor in a competitive labor market and sells its product in a competitive product market. The firm's elasticity of demand for labor is -0.4. Suppose the wage increases by 5 percent. What will happen to the amount of labor hired by the firm? What will happen to the marginal productivity of the last worer hired by the firm?
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...
9. Suppose that a monopsony faces a labor supply curve of Ls-2+2w. What wage does the firm paw if it wants to hire 10 workers? b. What is the marginal expense of hiring an 10 worker? c. Draw a sample (or the exact) Labor Supply curve. Now add in a sample, ME curve and MRP curve such that the equilibrium is at 10 workers and at the wage from part a. Label the equilibrium level of employment and the equilibrium...
1. Suppose supply of labour is given by Ls = 10+2W and demand for labour is given by LP = 40-W. o Find the inverse demand function for labour. o Compute the equilibrium outcomes W* and L*. o Demonstrate graphically and numerically what would happen if the firm demanded 15 thousand more hours at every wage level. 2. Consider a market for steelworkers. Suppose LP=LP(w,Q) and LS=L(w,wa) where Q is the quantity of steel produced and wa is the wage...
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