Topic 7_ Labor Markets

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7. Suppose that you were the manager of a large retail store that was currently experiencing a shoplifting problem. Every hour, approximately $15 worth of merchandise was being stolen from your store. Suppose that a security guard would completely eliminate the shoplifting in your store. If you were interested in maximizing your profits, should you hire a security guard if the wage rate of security guards was $20 per hour? Why or why not? What does this imply about the relationship between average shoplifting per hour in the economy and the wage rates of security guards?

9. Number of Sellers: In a large city, two taxi companies own all the licenses that the city will grant to operate taxis. There are slight differences in the services each cab company offers. However, consumers don't care which cab company they take--if they decided it's worth taking a cab, they flag down the nearest one. * (1 Point) Few Many Few ånies own all the licenses that the city will grant to 2 services each cab company offers. However, consumers don't care which cab company they take--if they decided it's worth taking a cab, they 10. One 10. Type of product: In a large city, two taxi companies own all the licenses that the city will grant to operate taxis. There are slight differences in the services each cab company offers. However, consumers don't care which cab company they take--if they decided it's worth taking a cab, they flag down the nearest one. * (1 Point) Unique Differentiated Standardized (Identical) es own all the licenses that the city will grant to services each…

Which external sources of recruitment are commonly used by the big enterprises that you believe are more effective and less effective to acquire new talent/employee. Explain your answer. (the following external sources of recruitment that are commonly used by the big enterprise are listed in the picture)

Answer it correctly please. Explain well and typed answer only. I ll rate. Solve both two.

5. When an employer's information indicates that two individuals have exactly the same productivity, there will be competitive pressure to a) pay lower wages to the person who belongs to the group with the higher average productivity. b) pay higher wages to the person who belongs to the group with the higher average productivity. c) pay both workers the same wage rate even if one worker belongs to a group with a higher average productivity. d) not hire the person who belongs to the lower average production group.

1.) Using appropriate diagram (s) explain why the competitive wage is the same across a homogenous market. 2.) Using the formular below explain why a firm can only control its demand for labour/employment while trying to maximize profit in the short run. Profits = pq - wE- rK Where p is for price, q is for output, w is for wage rate, E is for number of workers, r is the cost of capital and K is for capital. 3.) State 2 reasons for wage differentials and give a short explanation of each (2 sentences maximum for each of them)

1) John is operating an internation business in the United Stateds of American and is focused on the limitation or short-term impact of an issue. It can be said that John has a .............  2) The grestest  good for the greatest number of persons is known as the ............... approach. 3) this theorgy states that a country's wealth was deternmined by the amount of its gold and silver holding. It is ...........?

18. In an economy with two industries, what are the long-run effects of increased immigration upon employment in each industry? Employment will increase in both industries. There will be no change in employment in either industry. Employment will increase in one and decrease in the other. Wages will fall in both industries. A) B)

3:22 l LTE Question 11 Unanswered 2 attempts left Many professional sports teams operate under a salary cap. This means that teams typically have a fixed amount of money that they can spend on players' salaries - that is, a salary cap. This is true of the National Basketball Association (NBA), for example. Suppose that the NBA has a salary cap of $100 million dollars, and a team has $30 million available to sign new players. That is, $70 million has already been committed to player salaries. The team has two further possibilities: either sign a star player for $30 million, or sign two good, solid supporting players for $15 million each. What is the opportunity cost of signing the star player, assuming the team spends its full budget? A 2 supporting players 1 star player $30 million D There is no opportunity cost B.

2. Individual Problems 19-2 Many police officer positions require the applicant to have a college degree, even though the tasks of a police officer rarely call upon college course material. Suppose two individuals who do not have college degrees are considering applying to the police force. Jacques is considering applying for an officer position and plans on working for the police force for a period of time, over which he would earn approximately $4,000 (in present discounted value) in earnings while in the position. Eleanor is also considering applying, and plans on working as an officer for a period of time, over which she would earn approximately $1,100,000 (in present discounted value) in lifetime earnings while in the position. Also suppose that present value of obtaining a college degree, which is required to submit a job application to the police department, is $100,000. Use the following table to indicate whether each individual would likely apply, or not, given the cost of…

No plagiarised answer.. need details explanation

1) Surveys have shown that the majority of American consumers think that price discrimination - the practice of the same firm charging different prices to different consumers for the same good or service - is unfair and should be illegal. Do you think price discrimination is unfair? Do you think price discrimination should be illegal? Explain. 2) Suppose price discrimination were made illegal, but only for airlines, so airlines would have to charge all consumers the same price regardless of when they purchased the ticket. Who benefits as a result of this change? Who is made worse off as a result? Do you think society would be better or worse off as a result? Explain. 3) Think of a time where you bought something from a firm that was engaging in price discrimination. What was it? Do you think you paid a lower price or a higher price as a result of price discrimination? Do you think it is unfair that someone else is charged a different price than you were for the same good or service?…

Current market for Plasma televisions P1 Plasma screens are an older technology used in the manufacture of flat-screen TVs. Producers of these TVs forecast that the price is likely to fall in the future as consumers switch to TVs made with another technology. At the same time, after a long and costly strike, producers are able to break the union representing most workers and substantially lower wages in the industry. What are the likely effects in the graph above? Select one: O a. S remains the same. O b. S decreases (shifts to the left). O c. S increases (shifts to the right). O d. Unknown without further information. Check Next page page MacBook Pro

1-Let’s re-apply Figure 5.3 to illustrate the market for risky jobs. An innovation reduces the cost of making a job safe. What happens to reservation wages on each side of the market? Does the innovation increase or decrease the demand for labor on risky jobs? Does the innovation raise or lower the wage premium associated with risky work?

N4 Explain the main tenets of Physiocracy. How can these be criticised? Discuss. (history of economic thought lesson question)

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8. Ch. 20 Problems and Applications Q10 Suppose that Congress passes a law requiring employers to provide employees some benefit (such as healthcare) that raises the cost of an employee by $4 per hour. Assume that firms were not providing such benefits prior to the legislation. On the following graph, use the green line (triangle symbol) to show the effect this employer mandate has on the demand for labor. Wage (Dollars per hour) 20 18 16 14 2 0 Demand 2 I I 3 4 5 6 Quantity of Labor (Thousands) 7 True 8 O False Supply Suppose employees place a value on this benefit exactly equal to its cost. Suppose the wage is free to balance supply and demand. 9 10 On the preceding graph, use the purple line (diamond symbol) to show the effect this employer mandate has on the supply of labor. New Demand New Supply Use the black point (plus symbol) to indicate the equilibrium wage and level of employment before this law, and use the grey point (star symbol) to indicate the equilibrium wage and level…

8. Describe the sociological approach to entrepreneurship. How can this approach be used to promote more entrepreneurship within the economy? 9. If immigrants are a major source of entrepreneurship in an economy, why do most countries limit the number of immigrants they allow in each year?

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Please give me full explanation with correct answer Note:- Please avoid using ChatGPT and refrain from providing handwritten solutions; otherwise, I will definitely give a downvote. Also, be mindful of plagiarism. Answer completely and accurate answer. Rest assured, you will receive an upvote if the answer is accurate.