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Q = K x L (Quantity = capital X labor)
Are MPk and MPL diminishing?
Is MRTSL,k diminishing? (
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- Find the marginal products of capital and labour (MPK and MPL).Louise's individual labour supply curve is upward sloping, which of the following is consistent with Louise's labour supply curve? as the wage rises, the price of leisure increases and so she takes more leisure as the wage falls, she responds by taking less leisure as wage rises, Louise takes less leisure as the wage falls, she will work more hours to buy the same number of goods.Under what assumptions is the aggregate labour demand function to be represented as a downward-sloping curve so that the real wage equals the marginal product of labour?
- The degree of convexity of an isoquant determines the degree of substitutability of factors of production. Do you agree? Explain.The labor demand curve slopes downward because a. firms wish to hire fewer workers as the wage rate increases b. firms wish to hire more workers as the wage rate increases c. firms wish to supply fewer workers as the wage rate increases d. households wish to hire fewer workers as the wage rate decreasesd. Calculate the marginal product of capital MPK. e. Calculate the marginal product of labor (MPL).
- In the model of a competitive labor market, an increase in the wage, ceteris paribus, causes A. an increase in the quantity demanded of labor B. the MRP curve to shift to the left c. a decrease in the quantity demanded of labor D. the MRP curve shifts to the rightCan you draw( i need a graphs) labor supply function : U(c,l)=log(c)+log(l) where, c-represents the consumption level of the individual and l-represents the leisure, while the market wage is 10 and available time is 20. Find and Draw the labor supply function! GraphThe labour supply curve represents a trade-off between which of the following? Question 26 options: work and leisure technology and the wage rate the wage rate and productivity work and the wage rate
- Using "increase" or "decrease", complete this statement:" According to the output effect, a decrease in the wage rate will ______ production costs, so the price of final goods will ______. The quantity of final goods produced will ________, so the demand for labor will ___________."The following graph shows the relationship between a worker’s years of education and the salary he or she is likely to earn. What is wrong with this graph? It doesn’t label the variables on the two axes. It gives no information about the units for the variables. It uses different scales on the two axes. It has no data.With the Cobb-Douglass production function, the real wage will increase if: A. the supply of labor increases B. total factor productivity increases C. the price of output increases D. the amount of capital decreases
