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- What is the marginal cost of labor for a firm that operates in a competitive labor market? How does this compare with the MCL for a monopsony?a. What does the expression “marginal product of labour” mean? b. Why do workers (skilled and unskilled) migrate from labour abundant countries to countries with a scarcity of labour? c. How has that migration of labour been of advantage to other countries?hy does a measure of labor productivity—the output produced per worker– rise for many firms during recessions? During the boom years period of 2005through November 2007, the annual average output per worker was lower in U.S.manufacturing than during the Great Recession of 2007–2009 as well during therelatively low-demand years since then through 2013.Firms produce less output during recessions as demand for their products falls.Consequently, firms typically lay off workers during recessions. Thus, whetheroutput per worker rises or falls depends on whether output or employment fallsby more. The labor productivity pattern over the business cycle differs across in-dustries. If we know about a firm’s production process, can we predict whetheroutput produced per worker will rise or fall with each additional layoff?
- If: q = L+K Wage = 20 Rate of capital = 40 How much does it cost the firm to produce q = 50? How much capital K and how much labour L is employed?Which of the following explains the slope of the demand curve for labor?a. the marginal productivity theoryb. the law of diminishing marginal productc. the practice of featherbeddingd. the result of monopsonyA5 What is the response in a firm’s labour demand to a fall in the price of capital? How might such a change in the price of capital impact low and high skilled workers? Illustrate your answer with diagrams and / or a model.
- is the labor dmand curve of a perfectly competitive firm, upsloping o downsloping?A6 What is the response in a firm’s labour demand to a fall in the price of capital? How might such a change in the price of capital impact low and high skilled workers? Illustrate your answer with diagrams and / or a model, 500 WORD COUNT, NO PLAGIARISM.How each of the following situations will affect labour demand, i.e. if it will cause amovement along the labour demand curve or a shift (state left or right) in the labour demandcurve. i) A decrease in the price of capital where labour and capital are substitutes. ii)
- How did current labor market in the United States change by covid?AK.25L.75 A=3 K=15 L=140 there is a 30% reduction in L a. how much does marignal product of labor change?In the context of a perfectly competitive model of the labour market, an increase in technologythat raises the marginal product of labour at any given level of employment would be expected, inequilibrium, toa) reduce the amount of labour required to produce a given amount of output and hence increaseunemployment.b) shift the labour demand curve outwards and lead to an increase in employment and wages.c) have no effect upon labour supply or labour demand curves and hence have no impact onemployment or wages.d) reduce the supply of labour to the market and result in an increase in wages but a fall inemployment Why the correct answer is B?
