Question

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Aa Aa Undershaft Industries is a monopsonist. The following graph shows the labor supply curve it faces (labeled "S"), its marginal revenue product curve (labeled "MRP"), and its marginal rèsource cośt curve (labeled MRC). WAGE (Dollars per hour 50 MR 40 MRP 30 20 10 10 20 30 40 QUANTITY OF LABOR INumber of werkersl Undershaft faces an upward-sloping above its labor supply curve. labor supply curve. Therefore, its marginal resource cost (MRC) curve is If Undershaft's workforce is not unionized, Undershaft will hire 30workers and pay them 15 per hour 10 10 20 30 4050 QUANTITY OF LABOR (Number of workers Undershaft faces an upward-sloping above its labor supply curve. labor supply curve. Therefore, its marginal resource cost (MRC) curve is If Undershaft's workforce is not unionized, Undershaft will hire 30 workers and pay them $15 per hour Suppose Undershaft Industries's work force is unionized by an inclusive union and that it hires 20 workers. The economic model most appropriate to analyze such a situation would be the would predict that the wage rate will be between $15 and $25 per hour model, which Consider the labor market for the fast-food industry, which consists mainly of high school and college students Assume that all fast-food restaurants are profit maximizing. The calculator below shows the market demand curve (blue curve) and market supply curve (orange curve) for student workers, who are responsible for making At any time in this problem, you can click the Reset to Initial Values button to return the elements in the calculator to their original positions. You will not be graded on any changes to the calculator; it's just here to help you answer the following questions Tool tip: Use your mouse to drag the horizontal green line on the graph. The values in the boxes on the right side of the calculator will change accordingly. You also can directly change the values in the boxes with the white background by dlicking in the box and typing. The graph and any related values will change accordingly WAGE 20 18 16 14 12 LABOR MARKET CALCULATOR Wage 14 Dollarsl Labor Demanded Thausands of workers o Labor Supplied 83 Thousands of warkers 10 LABOR DEMAND SHIFTERS Hours of Training Price of a Hamburger 0 10 20 30 40 50 60 70 80 90 100 QUANTITY OF LABOR İThousands, workers) Labor Demanded Thousands of workers Labor Supplied (Thousands of workers 16 14 12 10 83 LABOR DEMAND SHIFTERS Hours of Training Price of a Hamburger 0 Dollars 0 10 20 30 40 50 60 70 80 90 100 QUANTITY OF LABOR IThousands of workers) When the price of a hamburger is $4, the equilibrium wage in the fast-food labor market is $14 per hour Suppose that the demand for hamburgers increases enough so that the price of a hamburger doubles. Ordinarily, this would result in a new equilibrium employment level and wage in the labor market for young people who work in fast-food restaurants. However, restaurants claim they can only afford to pay the initial equilibrium wage. In this labor market, if the price of hamburgers doubles, but restaurants continue to pay the equilibrium wage that prevailed before the increase in demand for hamburgers, there will be a labor of workers

Answer 1

Undershaft faces an upward sloping labor supply

If they are not unionised, undershaft will hire 30 labor and wage rate=20

If they are unionized then wage rate will be 15