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- Stone Inc. owns a clothing factory and hires workers in a competitive labor market to stitch cut denim fabric into jeans. The fabric required to make each pair of jeans costs $5. The company’s weekly output of finished jeans varies with the number of workers hired, as shown in the following table: Number of workers Jeans (pairs per week) 0 0 1 25 2 45 3 60 4 72 5 80 6 85 a. If the jeans sell for $35 a pair and the competitive market wage is $250 per week, how many workers should Stone hire? _____ workers How many pairs of jeans will the company produce each week? ____ pairs of jeans b. Suppose the Clothing Workers Union now sets a weekly minimum acceptable wage of $230 per week. All the workers Stone hires belong to the union. How does the minimum wage affect Stone’s decision about how many workers to hire? Stone’s decision (Will/will not) be affected by the minimum wage. c. If the minimum wage set by the union had been $400 per week, how would the minimum…The table shows levels of employment (Labor), the marginal product of each of those levels, and a monopoly's marginal revenue. What is the monopoly's marginal revenue product at each level of employment? If the monopoly operates in a perfectly competitive labor market where the going market wage is $20, what is the firm's profit maximizing level of employment?Suppose there are 100 workers in an economy with two firms. All workers are worth $35 per hour to firm A but differ in their productivity at firm B. Worker 1 has a value of marginal product of $1 per hour at firm B, worker 2 has a value of marginal product of $2 per hour at firm B, and so on. Firm A pays its workers a time-rate of $35 per hour, while firm B pays its workers a piece rate. How will the workers sort themselves across firms? Suppose a decrease in demand for both firms’ output reduces the value of every worker to either firm by half. How will workers now sort themselves across firms?
- Answer it correctly please. I ll rate accordingly with multiple votes. Typed answer only. In Market B, the market wage is w=20. Supply for labor is given by S(w)=8w, and demand for labor is D(w)=180-w. The price of output for the firms in this market is p=10. At the equilibrium, what is the marginal product of labor? (Just enter the number, no units)4 A production function is states as: 120Q1/3, with an output price of 25. Firms total revenue is stated as 11000Q1/2 with a labor supply of Q=15w. If you derive the monopsony equilibrium labor and monopsony wage what would they be.Suppose a campus restaurant increases the number of workers it hires from 3 workers per day to 11 workers per day. As a result, its total revenue increases from $135 per day to $550 per day. a. Assuming that each worker is equally productive, what is the marginal revenue product per day of each additional worker? $ b. Assuming the restaurant is using its resources in a profit-maximizing way, and that each worker works 5 days each week, what is the current weekly wage rate in the labor market? $ per week
- A monopsonist's demand curve tor labor Is given by w = 12 - L. If she originally faced an AFC curve given by w = 2 + 2L, with corresponding MFC = 2+ 4L, how will her wage and employment offers be affected by the passage of a law requiring W ≥ 8? A law requiring ≥ 10? Please show your work.Suppose that in a competitive output market, firms hire labor from a competitive labor market (so that the profit maximization conditions for hiring labor are as we discussed in class). The firm has a fixed number of machines and can produce the following quantities (Q) associated with the number of workers (L) in a given time period. L Q 0 0 1 12 2 20 3 26 4 30 5 32 The market price of the good this firm sells is $5. If the firm pays a wage of w = $19.90 per time period, then how many units of labor should this firm hire to maximize profit? Group of answer choices a) 1 b) 3 c) 4 d) 2 e) 5The market for low-skilled workers is highly competitive, due to the high numbers of low skilled individuals. If the labor supply is given by the equation QS = 10W and measured per hour, and the demand for labor is given by the equation QD = 240 − 20W. Where Q measures the quantity of labor hired (in thousands of hours). Answer the following: (a) At the market equilibrium what is the going wage rate and quantity of low-skilled labor being employed? (b) If the union successfully forces a minimum wage increase of $9 per hour, at the new market equilibrium what will be the new quantity of labor hired and the quantity of any excess (demand or supply) of labor? (c) At the $9 minimum wage how much deadweight loss is created? (d) After the implementation of the $9 minimum wage, in terms of surplus how much better off are low-skilled workers and how much worse off are employers? (e) If the minimum wage is set at $11 rather than $9 how does the deadweight loss and surplus change?
- (2) Suppose you find the demand (Qd, as thousands) and supply (Qs, as thousands) for long-haul truck drivers in one market can be specified as functions of the yearly wage paid (W, as thousand $) as following. Demand for drivers: Qd = 155 – 1.5 * W, Supply of drivers: Qs = 36 + 0.25 * W, How much is the market equilibrium level of wage for truck drivers (as thousands) and the how many jobs will be in this market? Now you noticed a company pays 40% higher wage than the market equilibrium level to hire truck drivers, how to explain this case?part one: Suppose the demand for labor is given by W = 25 – 0.2L and the supply is given by W = 10+ 0.3L. What is the equilibrium wage rate? a.$20.2 b.$19 c.$19.4 d.$19.8 part two: Suppose the demand for labor is given by W = 250 – 0.05L, and the number of workers available is L = 3,000. What is the equilibrium wage rate? a.$110 b.$100 c.$130 d.$120 part three: Suppose the demand for labor is given by W = 250 – 0.05L, and the number of workers available is L = 3,000, and the labor union wants to set a minimum wage of $140. What is the number of workers unemployed? (Hint: Unemployed workers are the excess supply of labor.) a.800 b.1,000 c.600 d.400Carolyn owns a soda factory and hires workers in a competitive labor market to bottle soda. Her company's weekly output a bottle soda varies with the number of workers hired, as shown in the following table. Complete the following table before answering: Number Of Workers Cases Per Week Total Revenue $ per week VMP $ per worker 0 0 1 200 2 360 3 480 4 560 5 600 A. If each case sells for $10 more than the cost of the materials used in producing it in the competitive market wage is $1000 per week how many workers should Carolyn hire? How many cases will be produced per week?…
