Suppose Hansel and Gretel have the following potential output units for eight hours of work:Nonmarket outputMarket outputHansel20080Gretel300150(a)in Who has absolute advantage in nonmarket work and market work? Who hascomparative advantage in nonmarket and market work? Explain with calculation.Does it impact the household labor division in the household? Explain.(b)(c)disadvantages.What are the gender impacts of such division? Explain both advantages and

Name: Suppose Hansel and Gretel have the following potential output units f
Uploaded: 2022-12-02T21:52:30.000Z
Channel: Bartleby
Description: Suppose Hansel and Gretel have the following potential output units for eight hours of work:Nonmarket outputMarket outputHansel20080Gretel300150(a)in Who has absolute advantage in nonmarket work and market work? Who hascomparative advantage in nonma

Business

Economics

Nonmarket output Market output Hansel 200 80 Gretel 300 150 i Who has absolute advantage in nonmarket work and market work? Who comparative advantage in nonmarket and market work? Explain with calculation. Does it impact the household labor division in the household? Explain. What are the gender impacts of such division? Explain both advantages (a) (b) (c)

Nonmarket output Market output Hansel 200 80 Gretel 300 150 i Who has absolute advantage in nonmarket work and market work? Who comparative advantage in nonmarket and market work? Explain with calculation. Does it impact the household labor division in the household? Explain. What are the gender impacts of such division? Explain both advantages (a) (b) (c)

Principles of Microeconomics

7th Edition

ISBN:9781305156050

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter19: Earnings And Discrimination

Section: Chapter Questions

Problem 2CQQ

See similar textbooks

Similar questions

Number ofWorkersEmployed Output(Units) MarginalProduct(Units) Value ofMarginalProduct ($)(Market Price=1$) Value ofMarginalProduct ($)(Market Price=2$) 0 0 1 8 2 22 3 36 4 56 5 60 6 72 7 82 8 89 Derive Marginal Product and Value of Marginal Product from the following table when market price for the product is 1$ and 2$ .
(a) Assuming working at home gives you a wage of $100, what would your wage be working in thecubicle office? In the shared workspace?(b) What is the compensating wage differential between these jobs?(c) Explain why the wage is different in each situation, and give an example of another industry-/situation with a compensating wage differential.
Q40 If one worker in southern Ontario worker can pick $30 worth of tomatoes two workers together can pick $70 worth of tomatoes, the Multiple Choice data given are insufficient to determine the marginal revenue product of either worker. data given suggests diminishing returns. marginal revenue product of the first worker is $40. marginal revenue product of each worker is $35. marginal revenue product of the second worker is $40.
How much is the marginal revenue of the product of labor if the price of the product (P) is $ 12 and the marginal product of labor (MPL) is 8?Response option group a) $ 12 b) $ 96 c) $ 450 d) $ 384
To maximize profits, a firm uses a fixed amount of capital and varying amounts of labour inits production processes to produce commodity Y. The output fetches Kshs 3 in the market andthe firm’s production is as summarized.Number of workers Output per hour0 01 92 173 244 305 356 397 428 44 Required;i.Calculate the marginal product of labour for this firm and the value of the marginal productof labour and the Marginal Revenueii.Suppose that the competitive wage for workers who can make Product Y is Ksh16 perhour. How many workers should this firm hire and why?
Geralt works for Stregobor as a witcher earning $87,000 a year. He decides to quit his job andbecome a freelance witcher. As a freelancer, he spends $7000 on herbs and weapons. Insurancecosts him $1000 a year. He pays himself $145,000 as a salary. His total revenues for the year are$191,000. Based on this information, what were his economic costs as a freelance witcher?
Q.1.20 An upward-sloping labour supply curve illustrates that ceteris paribus; (a) the quantity of labour supplied and the hours of work per week aredirectly related.(b) the quantity of labour supplied and the price of labour used to produceoutput are inversely related.(c) individuals use higher income to buy back leisure time.(d) a greater quantity of labour would be supplied at higher wage rates .Q.1.17 Marginal cost is defined by: (a) total cost increases when one more unit is produced.(b) fixed cost increases when one more unit is produced.(c) Total revenue increases when one more unit is produced.(d) average cost increases when one more unit is produced.
a. Draw the wage-schooling locus for someone for whom the returns to schooling decrease through college but increase after college. (Assume college is completed after 16 years of schooling and that one can receive at most 6 years of postcollege schooling.) b. On a new graph, plot the marginal rate of return to schooling implied by the wage-schooling locus described in part a. c. What can be said about a college graduate who faces the wage-schooling locus described in part a?
(Resource Demand and Supply) Answer each of the following questions about the labor market: a. Which economic decision-makers determine the demand for labor? What is their goal, and what decision criteria do they use in trying to reach that goal? b. Which economic decision-makers determine the supply of labor? What is their goal and what decision criteria do they use in trying to reach that goal? c. In what sense is the demand for labor a derived demand?
Suppose the following table gives the quantity of labor, offered wage, and marginal revenue product of labor for Company X. Labor (hours) Wage ($/hour) MRP 16 12 - 17 18 170 18 24 154 19 30 138 20 36 122 a. What are the corresponding marginal expenses of labor at these quantities of labor? b. To maximize profits, how many hours of labor should Company X hire? c. What wage will they offer and why? d. What can the firm do to increase profits?
For a production process, the marginal product of labour is given by the equation: MPL= 12L - 0.4L2. The first 18 items produced can be sold for $100 each, and beyond that production level, the unit selling price is $90. What is the marginal revenue product of labour when labour input is 20? a.6800 b.8000 c.9000 d.7500 e.7200
Why are firms willing to pay higher wages to highly educated workers? a. Firms are willing to bear the cost of education. b. Highly educated workers prefer to accept jobs with higher wages. c. Highly educated workers are equipped with more physical capital. d. Highly educated workers have higher marginal products. Note:- Please avoid using ChatGPT and refrain from providing handwritten solutions; otherwise, I will definitely give a downvote. Also, be mindful of plagiarism. Answer completely and accurate answer. Rest assured, you will receive an upvote if the answer is accurate.