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MP and MRP and Profit-Maximization Questions: If tacos sell for $2.50, and wage=$12.50, answer questions #1-#3 MP Worker-Hours 0 1 2 3 4 5 6 7 8 9 0 15 c. 7.5 d. 62 28 38 47 54 59 62 64 65 Tacos 1. What is the MP of the 5th worker-hour? a. 10 b. 7 2. What is the MRP of the 8th worker-hour? a. $5 b. $160 c. $2 d. $12.50 (Question #1) MRP (Question #2) 3. How many worker-hours should this firm employ to maximize profit? a. 5 b. 6 C. 9 d. 2

MP and MRP and Profit-Maximization Questions: If tacos sell for $2.50, and wage=$12.50, answer questions #1-#3 MP Worker-Hours 0 1 2 3 4 5 6 7 8 9 0 15 c. 7.5 d. 62 28 38 47 54 59 62 64 65 Tacos 1. What is the MP of the 5th worker-hour? a. 10 b. 7 2. What is the MRP of the 8th worker-hour? a. $5 b. $160 c. $2 d. $12.50 (Question #1) MRP (Question #2) 3. How many worker-hours should this firm employ to maximize profit? a. 5 b. 6 C. 9 d. 2

Economics Today and Tomorrow, Student Edition
Economics Today and Tomorrow, Student Edition
1st Edition
ISBN:9780078747663
Author:McGraw-Hill
Publisher:McGraw-Hill
Chapter12: The American Labor Force
Section12.1: Amercians At Work
Problem 1R
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8. Difference in Differences Question: In the context of a Difference-in-Differences estimation, what is the parallel trend assumption? a. We assume that neither the treatment nor the control group change over time. b. We assume that in the absence of treatment, the difference in outcomes between the treatment and control groups is constant over time. c. We assume that treatment would not have affected the control group even if they received it. d. We assume that the treatment group has volunteered to receive treatment. 9. Card & Krueger 1994 Question: What did Card & Krueger find in their paper? a. Faced with an increase in minimum wage, NI saw a decrease in employment. b. Faced with an increase in minimum wage, NI saw an increase in employment. c. Faced with a decrease in minimum wage, PN saw a decrease in employment. d. Faced with a decrease in minimum wage, PN saw an increase in employment. 10. Minimum Wage Theory Question: Theoretically, when would we expect a minimum wage to increase unemployment under perfect competition? a. When it is binding, meaning the minimum wage is above the market-clearing wage. b. When it is non-binding, meaning the minimum wage is below the market- clearing wage. c. When it is below the area's average cost-of-living on a 40h workweek. d. When it is above the area's average cost-of-living on a 40h workweek.
Transcribed Image Text:8. Difference in Differences Question: In the context of a Difference-in-Differences estimation, what is the parallel trend assumption? a. We assume that neither the treatment nor the control group change over time. b. We assume that in the absence of treatment, the difference in outcomes between the treatment and control groups is constant over time. c. We assume that treatment would not have affected the control group even if they received it. d. We assume that the treatment group has volunteered to receive treatment. 9. Card & Krueger 1994 Question: What did Card & Krueger find in their paper? a. Faced with an increase in minimum wage, NI saw a decrease in employment. b. Faced with an increase in minimum wage, NI saw an increase in employment. c. Faced with a decrease in minimum wage, PN saw a decrease in employment. d. Faced with a decrease in minimum wage, PN saw an increase in employment. 10. Minimum Wage Theory Question: Theoretically, when would we expect a minimum wage to increase unemployment under perfect competition? a. When it is binding, meaning the minimum wage is above the market-clearing wage. b. When it is non-binding, meaning the minimum wage is below the market- clearing wage. c. When it is below the area's average cost-of-living on a 40h workweek. d. When it is above the area's average cost-of-living on a 40h workweek.
MP and MRP, and Profit-Maximization Questions: If tacos sell for $2.50, and wage=$12.50, answer questions #1-#3 Worker-Hours 0 1 23456789 c. 7.5 d. 62 0 15 28 38 47 54 59 62 64 65 1. What is the MP of the 5th worker-hour? a. 10 b. 7 c. $2 d. $12.50 Tacos 2. What is the MRP of the 8th worker-hour? a. $5 b. $160 MP (Question #1) MRP (Question #2) 3. How many worker-hours should this firm employ to maximize profit? a. 5 b. 6 c. 9 d. 2 4. Production Function General Form Question What is the general form of the production function, as discussed in class? a. Q=f(Employment, Capital)
Transcribed Image Text:MP and MRP, and Profit-Maximization Questions: If tacos sell for $2.50, and wage=$12.50, answer questions #1-#3 Worker-Hours 0 1 23456789 c. 7.5 d. 62 0 15 28 38 47 54 59 62 64 65 1. What is the MP of the 5th worker-hour? a. 10 b. 7 c. $2 d. $12.50 Tacos 2. What is the MRP of the 8th worker-hour? a. $5 b. $160 MP (Question #1) MRP (Question #2) 3. How many worker-hours should this firm employ to maximize profit? a. 5 b. 6 c. 9 d. 2 4. Production Function General Form Question What is the general form of the production function, as discussed in class? a. Q=f(Employment, Capital)
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