Which labour market variable would you look at to assess labour market conditions?
Which labour market variable would you look at to assess labour market conditions?
Homework Answers
It is the elasticity of labor demand
and supply, as variable, that makes impact upon the labor demand
and supply as well as the market clearing wage. So, the elasticity
of demand and supply should be considered as variable that can
affect labor market. For example, an elastic demand of labor, will
make the wage rate to increase, even in it does not change the
labor demand significantly. It happens, when labors with specific
skills are few in nature and firms need these workers with specific
skills. Another variable that should be considered is
the worker's productivity that can decide the number of workers
employed and the wages paid to them in the labor market.
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Which labour market variable would you look at to assess labour
market conditions?
the labour market model a. Take a look at figure 9.12, the labour market model. Describe...
the labour market model
a. Take a look at figure 9.12, the labour market model. Describe
position B. Explain why B is not a Nash equilibrium. What would
happen?
b.
In a. you’ll describe an adaptation process. However, that might
not take place. For what reasons?
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1. Labour Market. Draw a diagram of the labour market where there above the equilibrium level. Use I to denote the amount of labour to denote the amount of labour hired. bour market where the real wage is stuck note the amount of labour willing to work and L1 Now suppose there is an increase in technology that raises the demand the new demand curve and explain what happens to the and curve and explain what happens to the number...
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the labour market model
a. Take a look at figure 9.12, the labour market model. Describe
position B. Explain why B is not a Nash equilibrium. What would
happen?
b.
In a. you’ll describe an adaptation process. However, that might
not take place. For what reasons?
Labour supply Average product of labour Real wage Price-setting curve Equilibrium unemployment Demand-deficient or cyclical unemployment, at B Wage-setting curve Total involuntary unemployment, at B Employment, N The Nash equilibrium At point B, total...
Labour Demand with Monopsony in the Labour Market and Monopoly in the Output Market. You are the manager of a business that operates as a Monopolist in the output market, and it is a Monopsonist in the local labour market. The production function of the business is given by: Q = S2L In the production function, Q is output, L is the number of workers employed, As a Monopolist, the firm faces a market demand given by: P= Q-BQ As...
The Labour Market & Unemployment Skills Check The Labour Market & Unemployment Skills Check 5. wages are wages that do not quickly adjust in a downward direction, leading to unemployment. The minimum wage is set by the provincial government and represents a that wages cannot go blow One of the effects of minimum wage is that it people to look for jobs that are not available Social or implicit contracts are agreements that firms will not reduce wages during a...
3. Which of the following would not be used to describe direct labour? a) Conversion cost b) Period cost c) Prime cost d) Variable cost
1. Labour Market. Draw a diagram of the labour market where there above the equilibrium level. Use I to denote the amount of labour to denote the amount of labour hired. bour market where the real wage is stuck note the amount of labour willing to work and L1 Now suppose there is an increase in technology that raises the demand the new demand curve and explain what happens to the and curve and explain what happens to the number...
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