114) Which of the following best describes the managerial labor market? a) The managerial labor market includes the candidate from market both external and internal to the firm b) The managerial labor market only includes the candidates external to the firm c) The managerial labor market only include the candidates internal to the firm' d) The managerial labor market only includes candidates from foreign market
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- What determines the demand for labor for a firm operation in a perfectly competitive out market?Q29 Suppose a firm is employing labour (L) and capital (K) such that MPK/MPL = PK/PL. If the price of labour rises, the cost-minimising firm should then... a. Employ more labour and less capital because MPK/MPL > PK/PL. b. Employ more capital and less labour because MPK/MPL > PK/PL. c. Employ more capital and less labour because MPK/MPL < PK/PL. d. Do nothing. e. Employ more labour and less capital because MPK/MPL < PK/PL.114) Which of the following best describes the managerial labor market? a) The managerial labor market includes the candidate from market both external and internal to the firm b) The managerial labor market only includes the candidates external to the firm c) The managerial labor market only include the candidates internal to the firm’ d) The managerial labor market only includes candidates from foreign market
- 24. Which of the following statements is correct? a. Managerial decisions are affected primarily by microeconomic forces. b. By and large, managerial decisions are not affected by either microeconomic or macroeconomic forces. c. Managerial decisions are affected by both microeconomic and macroeconomic forces. d. Managerial decisions are affected primarily by macroeconomic forces.13. Identify which way the labor supply curve would shift under the following scenarios. A country experiences a huge influx of immigrants who are skilled in the textile industry. Wages increase in an industry that requires similar job skills. New machines require additional maintenance over time, so that the marginal productivity of labor rises.According to the Wall Street Journal, Mitsubishi Motors recently announced a major restructuringplan in an attempt to reverse declining global sales. Suppose that as part of the restructuring planMitsubishi conducts an analysis of how labour and capital are used in its production process. Priorto restructuring Mitsubishi’s marginal rate of technical substitution is 0.15 ( in absolute value). Tohire workers. Suppose that Mitsubishi must pay the competitive hourly wage of US$ 15. In thestudy of production process and markets where capital is procured, suppose that Mitsubishidetermine that its marginal productivity of capital is 0.5 small cars per hour at its new targetedlevel of output and that capital is procured in a highly competitive market. The same studyindicates that the average selling price of Mitsubishi’s smallest car is US$ 9500. Determine therate at which Mitsubishi can rent capital and marginal productivity of labour at its new targetedlevel of output. To minimize costs…
- 1)Graphically illustrate and explain the equilibrium position of a firm operating in aperfectly competitive labour market.The market demand for labour is the sum of all the individual firms’ demand curves. Identify four factors that can cause the market demand curve to shift.Why are labour markets imperfect?Give five reasonsConsider a manufacturing firm in a labor market that isperfectly competitive. There are two kinds of workers: productiveworkers whose marginal revenue product is $48,000 per year, andlazy workers whose marginal revenue product is $40,000 per year. Itis difficult for the firm to differentiate between productive andlazy workers. A local college offers a new yearlong astronomy course. Althoughthe cost of tuition is the same for both types of workers, thepsychic cost of having to work hard and get a passing grade islower for productive workers because they are able to learn morequickly than lazy workers. Therefore, the cost of taking the class(including the cost of tuition as well as the psychic cost) is$5,000 per year for a productive worker and $10,000 per year for alazy worker. Because astronomy has little relevance tomanufacturing, taking the class does not increase or decrease aworker's productivity. The firm uses the class as a way to differentiate betweenproductive and lazy…A firm hires labor in a perfectly competitive labor market. Its current profit-maximizing hourly output is 100 units, which the firm sells at a price of $5 per unit. The Marginal Physical product (MPP) of the last unit of labor employed is 5 units per hour. The firm pays each worker an hourly wage of $15. a)What Marginal Revenue (MR) does the firm earn from sale of the output produced by the last worker employed? b)Does this firm sell its output in a perfectly competitive market?
- 14. Name four major difference conditions of the market model termed perfect or pure competition. Explain their major implications for the behavior of the firm. Briefly for managerial economics classThe use of cannibus was legalized in canada in 2017. Lets assume that the cannibus in canada sector perfectly competitive. Assume labour is the only variable input and that an additional input of labour increases total output from 5 to 12 ounces of cannibus. If cannibus sells for 10$ per ounce in perfectly competitive matket, the MRP of this additional worker is A) 120$ B) 10$ C) 7$ D) can be possitive or negative E) 70$Q5 Those working for Amazon have been trying to form a union. Suppose that these workers are successful in forming a union and call themselves the Amazon Delivery Workers. Assume the union successfully negotiated a 14 percent wage increase and the result was that the quantity of labour demanded decreased by 10 percent. Given a fixed labour demand curve, we can conclude that Multiple Choice labour demand is inelastic. the coefficient of elasticity of labour demand is equal to 1. labour demand is elastic. the labour demand curve is upsloping. economies of scale has been achieved.