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A: Answer -
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A: Answer is given in the picture:
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- While unemployment is highly negatively correlated with the level of economic activity, in the real world it responds with a lag. In other wands, firms do not immediately lay off workers in response to a sales decline. They wait a while before responding. Similarly, firms do not immediately hire workers when sales pick up. What do you think accounts for the lag in response time?One of the common complaints of special educationteachers is that they are not allowed to teach because of all thepaperwork they are required to fill out and keep current. They onceonly had to teach, but now they have so many other duties that theydon’t feel they are doing anything well. In this case, ____ did notproduce satisfied workers. job specialization job rotation job enrichment job enlargement a narrow span ofmanagementFrom the table below, what can you infer is the market price in dollars of the product? (# of Labor inputworkers) Total product(# of goods) Marginal Product of Labor (MPL) Marginal Revenue Product of Labor (MRPL) 0 0 - - 1 12 12 $24 2 21 9 $18 3 28 7 $14 4 32 4 $8 5 35 3 $6
- Calculate the Marginal Product of Labor Y=ALαK1-α A= 1.5 α= 0.5 L=Labor K= Capital Factor Markets: Labor Supply (L^S)= 100 Labor Demand (L^D)= 200-5(W/P) Supply of Capital (K^S) = 100 Demand for Capital (K^D)= 200-4(R/P) (W/P)= real wage rate (R/P)= real rental rateFill in the below table, the wage equals AED 300 for each worker. In addition, each unit of output is sold at a price of AED 10. Number of workers Total Output Marginal Product of Labor (MPL) Value of Marginal Product of Labor VMPL = P x MPL Wage per Worker W Profit Margin (PM)PM=VMPL-Wage 0 0 - - - - 1 60 300 2 110 300 3 150 300 4 180 300 5 200 300 6 210 300A firm spends 1.000 pesos regardless of how much output is produced. Evry worker hired by the firm receives a wage of 1,200 pesos. We also know that: L TP AP MP TFC TVC TC AFC AVC AC MC 0 0 1 50 2 104 3 162 4 224 5 282 6 336 7 386 8 432 9 474 10 512 11 546 12 576 13 602 14 624 15 640 Where L =…
- Assume that wages are sticky in a downward direction. Show with the use of a graph what will happen when there is a decrease in labor demand. Label the graph properly.Your enterprising uncle opens a sandwich shopthat employs 7 people. The employees are paid$12 per hour, and a sandwich sells for $6. If youruncle is maximizing his profit, what is the value ofthe marginal product of the last worker he hired?What is that worker’s marginal product?QUESTION The marginal revenue product of labor at the local sawmill is MRPL = 20 - 0.5L, where L = the number of workers. If the wage of sawmill workers is K10 per hour, then how many workers will the mill hire? What factors that determine demand for labour by the firm? Who are the main actors in the labour markets? What are their roles?
- If MPL=.5 and the wage rate is 20 when 5 units of output re being produced, what is the marginal cost?Explain how the wage can adjust to balance thesupply and demand for labor while simultaneouslyequaling the value of the marginal product oflabor.L TP AP MP 0 0 1 35 2 80 3 122 4 156 5 177 6 180 1. Compute marginal products and average products of the various quantities of labour! 2. Made coclusions!
