1. Illustrate the market for labor among gas station attendants. Imagine that demand for gas, and therefore the price of gas, rises. Illustrate the impact of this change in the Price of the Output on the market for labor at gas stations.
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- Suppose that the president proposes a new lawaimed at reducing healthcare costs: All Americans arerequired to eat one apple daily.a. How would this apple-a-day law affect thedemand and equilibrium price of apples?b. How would the law affect the marginal productand the value of the marginal product of applepickers?c. How would the law affect the demand andequilibrium wage for apple pickers?Suppose a devastating cyclone had destroyed enormous amount of forest land in theSundarbans area of Bangladesh. Instead of reforestation, the government has decidedto clear those enormous amount of forest land for agricultural use.a. Graphically show the impact of this event on the market for agricultural landin Bangladesh. What has happened to the marginal product of land and therental price of land in Bangladesh?b. Show the impact of this event on the market for Bangladeshi farm workers inanother graph. What has happened to the marginal product of farm labour andthe wage of farm labour?(a) Explain the substitution and output effect of a decrease in price of labor from the attached figure (b) Explain the substitution and output effect of a increase in price of labor from the attached figure
- Candice’s’ Cookies is a new cookie delivery company in Gainesville, Florida. The firm hires local college students to sell cookies door-to-door in higher income neighborhoods. Each of these “Sales Associates” sells cookies, which increases Candice’s Cookies’ total revenue, but must be paid an hourly wage. The graph below depicts Candice’s Cookies’ demand for labor curve when the retail price of a cookie is $2. Show Transcribed Text Part (i): Suppose that the retail price of a cookie is $2.50. What is the marginal product of the 4th Sales Associate? 1 cookie 2 cookies 3 cookies 4 cookies 5 cookies Part (ii): Suppose that the retail price of a cookie is $2.50. What is the marginal product of the 6th Sales Associate? 1 cookie 2 cookies 3 cookies 4 cookies 5 cookies Part (iii): Suppose that the retail price of a cookie is $2. What is the marginal product of the 8th Sales Associate? 1 cookie 2 cookies 3 cookies 4 cookies 5 cookies(a) Explain with the help of a graph the effect of an increase in the relative price of a labor-intensive good on input choice. (b) “Generally, an economy will tend to be relatively effective atproducing goods that are intensive in the factors with which the country is relatively wellendowed.” Explain the above statement with the help of a graph.Explain how to find the equilibrium priceand quantity for a factor of production.
- Q a. The prices of vehicles dropped down in the market. Describe its effect on the supply ofvehicles in the market. Explain it with the help of diagram? Qb. The supply curve is positively sloped. If there is a change in price then what will happen to thequantity supplied? Furthermore if non price factors does not remain constant then how will be thequantity supplied effected?Suppose BMW runs a great ad campaign thatincreases demand and drives up the price of BMWs.What do you expect will happen to the demand forthe labor in auto-manufacturing plants? Explainhow the equilibrium price and quantity of labor willchangeOnly typed answer and please don't use chatgpt How does the market for inputs like labor differ from the market for goods and services? (Check all that apply.) Part 2 A. Firms are sellers in the market for goods and services, while individuals are sellers in the market for inputs. B. The demand for inputs is derived from the demand for final goods and services. C. Firms are buyers in the market for inputs, while individuals are buyers in the market for goods and services. D. The market for inputs resolves shortages and surpluses through government-supervised negotiations.
- Use the following information toanswer the questions belowComputers:Soybeans:Total revenue =Total120revenue = 120Payments to labor =60Paymentsto labor = 80Payments to capital =60Paymentsto land = 40Holding the price of computersconstant, suppose the price ofsoybeans rises 10% and that the wagerate increases 5%.a. What is the effect of these changeson the rental rate of capital?b. What is the effect of these changeson the rental rate of land?There was a disruption in production and shipment of fertilizer when Russia invaded Ukraine in March 2022. How does the event in the market for fertilizer transition into the market for food. Explain and draw the graphs for both the markets.What happens to the supply curve when prices of factor of production rises