Draw an indifference map for each: Part A: Suppose that a labor union cares only about...
Draw an indifference map for each:
Part A: Suppose that a labor union cares only about a wage payment to its member.
Part B: Now the labor union cares only about the employment level of its members.
Part C: Suppose, to a labor union, wage payment and employment level are perfect substitutes.
Part D: Now suppose that a labor union sees wage and employment level as non-substitutable.
Part E: Finally, suppose the labor union is risk-averse about wage and employment level.
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Draw an indifference map for each:
Part A: Suppose that a labor union cares only about...
Draw the union indifference curves for the following situations. a. Wages and employment are perfect one-for-two...
Draw the union indifference curves for the following situations. a. Wages and employment are perfect one-for-two substitutes (the union is willing to give up one unit of wage for two units of employment). b. Wages and employment are perfect one-for-two complements (the union strongly demands one unit of wage and two units of employment together). c. As their wealth increases, union prefers more job security to real income gains. d. There is a minimum wage below which union will not...
Problem #4: Own-price elasticity Suppose the market labor demand curve is given by LD 20- (1/2)W...
Problem #4: Own-price elasticity Suppose the market labor demand curve is given by LD 20- (1/2)W and the market labor supply curve is given by LS-2W 1. Graph the labor demand curve and the labor supply curve on the same graph (with L on the horizontal axis and W on the vertical axis, as we have done in class). 2. Determine the equilibrium employment (L") and wage (W") in this market. Now suppose the government implements a minimum wage (WM)...
Problem #4: Own-price elasticity Suppose the market labor demand curve is given by LD-20-(1/2)W and the...
Problem #4: Own-price elasticity Suppose the market labor demand curve is given by LD-20-(1/2)W and the market labor supply curve is given by LS-2 1. Graph the labor demand curve and the labor supply curve on the same graph (with L on the horizontal axis and W on the vertical axis, as we have done in class) 2 Determine the equilibrium employment (L') and wage (W) in this market 3. Now suppose the government implements a minimum wage (WM) of...
Problem #4: Own-price elasticity Suppose the market labor demand curve is given by LD = 20-(1/2,W...
Problem #4: Own-price elasticity Suppose the market labor demand curve is given by LD = 20-(1/2,W and the market labor supply curve is given by LS 2 1. Graph the labor demand curve and the labor supply curve on the same graph (with L on the horizontal axis and W on the vertical axis, as we have done in class) 2. Determine the equilibrium employment (L and wage (W in this market 3. Now suppose the government implements a minimum...
5. Draw out examples of each of the following indifference curves: imperfect substitutes, perfect substitutes, and...
5. Draw out examples of each of the following indifference curves: imperfect substitutes, perfect substitutes, and perfect complements. 6. Jody enjoys having exactly 1 teaspoon of sugar with every cup of coffee she has. What does this say about her indifference curves between the two goods? What happens to her utility level when she is given 5 teaspoons of sugar with one coffee? (Just an explanation) 7. Jay’s Utility function is given by U(x,z) = 3x10.2 x20.8 and P1=$2 and...
Problem #3: Long-Run Labor Demand and Factor Substitutability Suppose there are two inputs in the production...
Problem #3: Long-Run Labor Demand and Factor Substitutability Suppose there are two inputs in the production function, labor (L) and capital (K), which carn be combined to produce Y units of out put according to the following production function: Y-30K+10L The firm wants to produce 600 units of out put 1. Draw the isoquant that corresponds to that level of production (600 units) in a graph that has L on the horizontal axis and K on the vertical axis 2....
Please show all work. Problem #3: Long-Run Labor Demand and Factor Substitutability Suppose there are two...
Please show all work.
Problem #3: Long-Run Labor Demand and Factor Substitutability Suppose there are two inputs in the production function, labor (L) and capital (K), which carn be combined to produce Y units of output according to the following production function: Y = 30K + 10L The firm wants to produce 600 units of output. 1. Draw the isoquant that corresponds to that level of production (600 units) in a graph that has L on the horizontal axis and...
Local 28, Sheet Metal Workers v. EEOC 478 U.S. 421 (1986) The union and its apprenticeship...
Local 28, Sheet Metal Workers v. EEOC 478 U.S. 421 (1986) The union and its apprenticeship committee were found guilty of discrimination against Hispanics and African-Americans and were ordered to remedy the violations. They were found numerous times to be in contempt of the court’s order, and after 18 years the court eventually imposed fines and an affirmative action plan as a remedy. The plan included benefits to persons not members of the union. The Supreme Court held the remedies...
Read, analyze, and comments: Economic Concept: There are substitutes for Everything...even Labor! Economic Concept: Un...
Read, analyze, and comments: Economic Concept: There are substitutes for Everything...even Labor! Economic Concept: Unintended Consequences! Seattle Aims at McDonald’s, Hits Workers A $15 minimum wage changes the basic labor-market bargain between the fast-food industry and its workers. By Holman W. Jenkins, Jr. June 30, 2017 3:42 p.m. ET By now you have read 15 articles on the Seattle minimum-wage fiasco. Since the city boosted its local minimum from $9.47 in 2014 to $13 last year (on its way to...
Part IIL Suppose Hong Kildong, the King of Yuldo, imposes an additional payroll tax on the government employees. (We know Hong Kidong does not like the governmental officials.) He decides to thr...
Part IIL Suppose Hong Kildong, the King of Yuldo, imposes an additional payroll tax on the government employees. (We know Hong Kidong does not like the governmental officials.) He decides to throw the additional tax revenue into the East Sea near Dokdo as he believes that the only purpose of the tax is to penalize the government employees. Assume that there are only two sectors Governmental and non-governmental sectors) and two perfectly mobile factors (capital and labor) and that all...
Problem #4: Own-price elasticity Suppose the market labor demand curve is given by LD 20- (1/2)W and the market labor supply curve is given by LS-2W 1. Graph the labor demand curve and the labor supply curve on the same graph (with L on the horizontal axis and W on the vertical axis, as we have done in class). 2. Determine the equilibrium employment (L") and wage (W") in this market. Now suppose the government implements a minimum wage (WM)...
Problem #4: Own-price elasticity Suppose the market labor demand curve is given by LD-20-(1/2)W and the market labor supply curve is given by LS-2 1. Graph the labor demand curve and the labor supply curve on the same graph (with L on the horizontal axis and W on the vertical axis, as we have done in class) 2 Determine the equilibrium employment (L') and wage (W) in this market 3. Now suppose the government implements a minimum wage (WM) of...
Problem #4: Own-price elasticity Suppose the market labor demand curve is given by LD = 20-(1/2,W and the market labor supply curve is given by LS 2 1. Graph the labor demand curve and the labor supply curve on the same graph (with L on the horizontal axis and W on the vertical axis, as we have done in class) 2. Determine the equilibrium employment (L and wage (W in this market 3. Now suppose the government implements a minimum...
Problem #3: Long-Run Labor Demand and Factor Substitutability Suppose there are two inputs in the production function, labor (L) and capital (K), which carn be combined to produce Y units of out put according to the following production function: Y-30K+10L The firm wants to produce 600 units of out put 1. Draw the isoquant that corresponds to that level of production (600 units) in a graph that has L on the horizontal axis and K on the vertical axis 2....
Please show all work.
Problem #3: Long-Run Labor Demand and Factor Substitutability Suppose there are two inputs in the production function, labor (L) and capital (K), which carn be combined to produce Y units of output according to the following production function: Y = 30K + 10L The firm wants to produce 600 units of output. 1. Draw the isoquant that corresponds to that level of production (600 units) in a graph that has L on the horizontal axis and...
Part IIL Suppose Hong Kildong, the King of Yuldo, imposes an additional payroll tax on the government employees. (We know Hong Kidong does not like the governmental officials.) He decides to throw the additional tax revenue into the East Sea near Dokdo as he believes that the only purpose of the tax is to penalize the government employees. Assume that there are only two sectors Governmental and non-governmental sectors) and two perfectly mobile factors (capital and labor) and that all...
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