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- The labor demand is given by N = 400 - w/A where w is the real wage, N is the quantity of labor demanded and A is productivity. If A = 2 and the real wage is 406, what is the quantity of labor demanded? A.57 B.107 C.197 D. 397Suppose the supply curve of physicists is given by w=10+5E, while the demand curve is given by w = 50 -3E. Calculate the equilibrium wage and employment level. Suppose now that the demand for physicists increases to w = 70-3E. Assume the market is subject to cobwebs. Calculate the wage and employment level in each round as the wage and employment levels adjust to the demand shock. (Recall that each round occurs on the demand curve - when the firm posts a wage and hires workers). What is the new equilibrium wage and employment level?Units of labor Opportunity cost of a worker in terms of units output = real wage required by an additional worker Real value of Output per additional worker Maximum real wage a producer is willing to pay for an additional worker (1) (2) (3) 8 1 9 10 2 8 12 3 7 16 4 6 18 5 5 20 6 4 22 7 3 a) Carefully draw for yourself the demand and supply curves of labor on a diagram and find the equilibrium real wage and the equilibrium level of employment. To each level of employment corresponds a level of real GDP given in the following table. Production Function Schedule Level of Employment Aggregate quantity supplied = real GDP 10 10 12 40 14 65 16 85 18 100 20 105 b) Find the full employment real GDP, aggregate quantity supplied, and nominal wage for each of the following price levels P = 1, 2 ,3, 4. Does the equilibrium levels of employment and AQS change as the price level…
- Suppose the supply curve of physicists is given by w =10 + 5E, while the demand curve is given by w = 50 - 3 E. Calculate the equilibrium wage and employment level. Suppose now that the demand for physicists increases to w = 70 - 3 E. Assume the market is subject to cobwebs. Calculate the wage and employment level in each round as the wage and employment levels adjust to the demand shock. (Recall that each round occurs on the demand curve—when the firm posts a wage and hires workers.) What are the new equilibrium wage and employment level?3.1 Labor market equilibrium occurs at a real wage at which the quantity demanded for labor equals the quantity ................ of labor.What is the impact on the labour market due to a reduction in income tax rate? Select one: a. labour supply shifts to the left; wage rate increases and level of employment is lower a. labour supply shifts to the left; wage rate increases and level of employment is lower b. labour demand shifts to the right; wage rate increases and level of employment increases b. labour demand shifts to the right; wage rate increases and level of employment increases c. labour supply shifts to the right; wage rate decreases and level of employment is higher c. labour supply shifts to the right; wage rate decreases and level of employment is higher d. labour demand shifts to the left; wage rate decreases and level of employment decreases
- Suppose a firm’s hourly marginal product of labour is given by MPN = 0.2(200 − N), where N is the number of labour hours used in production. The amount of labour supplied by workers, NS, is given by NS = 100 + 5w, where w is the real wage. (a) Suppose the current real wage is equal to 20. How much labour will the firm want to hire? How much labour will the workers want to supply? Is there excess supply or excess demand of labour in the economy? Do you expect the real wage to go up or go down in this case? (b) Find the equation of the labour demand and calculate the equilibrium levels of real wage and full-employment. (c) If the government decides to tax the labour income, the equation of labour supply becomes NS = 100 + 5(1 − τ )w. Suppose τ = 40%. Repeat part (b). Compared to the results in (b), do the equilibrium levels of real wage and full-employment increase or decrease? Provide an intuitive explanation to your answers.QUESTION TWOa) Given labour demand curve LDi = 40 − 5wi + 2wj, and wages labour market I and labour market j are wi = K5 and wj = K3 respectively. At the existing wages in labour market I and j, calculate;i. The own wage elasticity of labour demand.ii. Cross elasticity of demand.iii. Is this a well behaved labour demand function?iv. What is the nature of relationship between labour market i and labour market j.b) Discuss the relationship between slope and elasticity of labour demand curve.c) Explain using an example of your choice how technological innovations have the potential to change the structure of demand in the labour market.In the short run one half of the labour force has high skills and one half low skills (in terms of Figure 13.2 this means that the short-run supply curve is vertical at 0.5). The relative demand for the high-skill workers is given by W = 100×0.4×(1− f), where W is the wage premium and f is the fraction that is skilled. The premium is measured in percent. (a) Illustrate the supply and demand curves graphically, and compute the skill premium going to the high-skill workers in the short run by solving the two equations. (b) If demand increases to W = 100 × 0.6 × (1 − f) what is the new premium? Illustrate your answer graphically. Figure 13.2
- QUESTION TWOa) Given labour demand curve LDi = 40 − 5wi + 2wj, and wages labour market I and labour market j are wi = K5 and wj = K3 respectively. At the existing wages in labour market I and j, calculate;i). What is the nature of relationship between labour market i and labour market j.ii) Discuss the relationship between slope and elasticity of labour demand curve.J 7 (1) Suppose that the mark-up of goods prices over marginal cost is 25% (0.25), and the wage setting equation is given by W=P(1-5u). Calculate the real wage, as determined by the price-setting equation. (2) Consider (1). Solve for the natural rate of unemployment.Consider an economy that consists of a union and non-union sector. The labour demand in each sector is given by: E=600-25W The total supply of labour is 700 workers, and it does not depend upon the wage. Labour and jobs are homogeneous in both sectors. What is the market-clearing wage if both sectors are competitive? How many workers are employed in both sectors? Suppose a monopoly union sets the wage at the union sector at £12. How many workers will be employed in the union and nonunion sectors? What wage will the workers in nonunion sector receive? What is the union wage gap in part (b)? What would the union wage effect be if one controlled for the spillover effect?
