QUESTION 17 Unions can be argued to have raised worker productivity by: O A. enabling workers to speak with collective voice in the workplace. O B. decreasing quit rates. O C. bargaining for rules that promote the use of internal labor markets. O D. helping police and monitor incomplete employment contracts. E. all the above.
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- 2. Consider a labour market with 3 types of workers: great workers, normal workers, and perpetually lazy workers. The population is composed of a great workers, a proportion of ẞ of normal workers, and the remaining 1-a - B lazy workers. A firm is looking to employ workers. The productivity of each type of workers are $50, $20 and $10 respectively but the firm does not know productivity, only workers do. Workers are willing to work as long as they get paid no less than $5 lower than their productivity (example: lazy workers are willing to work for $5 and up). For which values of (a, B) are all workers employed in equilibrium? For which values (a, ẞ) only the normal workers and lazy workers employed, and for which values of (a, B) are only the lazy workers employed? Explain your findings!c. Other things held constant, suppose that demand for the final product increases. i. Using the labor demand curve D1 as your starting point, what happens to the demand for labor? If the demand for labor increases the demand curve will shift to the right from D1 to D2. ii. What are the new equilibrium wage rate and employment level? d. Assume this industry is dominated by non-union workers. How would the equilibrium wage compare to that earned in a similar industry with similarly skilled union workers? Explain. Answer asap3 1: The short-run demand curve slopes downward because: A: The labour supply curve slopes upward B: of the law of diminishing marginal returns to labour C: As employment levels increase, firms are forced to employ workers of lower quality D: Of the law of diminishing marginal utility E: Of the wage elasticity of labour demand 2: With respect to labour demand choice in the long run, which of the following statements is false? MPPL = marginal physical product of labour, MPPK = marginal physical product of capital, w = wage, and r = rate of return on capital A: The rate at which capital can be substituted for labour in the technology of production is equal to the rate at which capital and labour can be exchanged in the market B: MPPL/MPPK = w/r C: MPPL * r = MPPK* w D: The profit made per worker is maximized E: The marginal rate of technical substitution is equal to the ratio of factor prices 3: With respect to the labour demand choice in the long run, which…
- The earnings of piece-rate workers usually exceed those of hourly paid workers performing the same tasks. Theory suggests three reasons why. What are they? b) Suppose that as employment shifts out of manufacturing to the service sector, a higher proportion of workers are employed in small firms. What effect would this growth of employment in small firms have on the types of compensation schemes used to stimulate productivity?A6 What is the response in a firm’s labour demand to a fall in the price of capital? How might such a change in the price of capital impact low and high skilled workers? Illustrate your answer with diagrams and / or a model, 500 WORD COUNT, NO PLAGIARISM.(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?
- 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 ofmanagementWhy 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.Table: Production of Cabinets Quantity of Labor(workers) Quantity ofCabinets Q Marginal Productof Labor(cabinets per hour) 0 0 1 5 5 2 11 6 3 16 5 4 20 4 5 23 3 6 25 2 7 26 1 8 25 -1 Reference: Ref 11-6 Table: Production of Cabinets (Table: Production of Cabinets) Use Table: The Production of Cabinets. If each cabinetmaker could be hired at no cost, how many workers would your firm employ? Select one: a. two b. seven c. six d. eight
- In the short run one half of the labour force has high skills and one half low skills (in terms of Figure 13.2 this means that the short-run supply curve is vertical at 0.5). The relative demand for the high-skill workers is given by W = 100×0.4×(1− f), where W is the wage premium and f is the fraction that is skilled. The premium is measured in percent. (a) Illustrate the supply and demand curves graphically, and compute the skill premium going to the high-skill workers in the short run by solving the two equations. (b) If demand increases to W = 100 × 0.6 × (1 − f) what is the new premium? Illustrate your answer graphically. Figure 13.2Having a marginal product of labor that increases over low levels of employment is common in this situation. Why is that? a) The first workers a firm hires are just better workers than workers hired later on- they applied first and really want the job. B) often it has to do with specialization- workers are able to divide up tasks and be more productive. Is the answer a or b?1. All types of unemployment are natural except one, which is................................2. In perfect competition market, a firm will make normal profit if the price intersectswith marginal cost (MC) at a level equal to....................3. When the prices of inputs that are used to produce a good fall down, the supply will.............................. 4. The inferior good is the good that we demand more as our income .....................5. In market equilibrium, when the price of complement in production decreases, theprice in the new equilibrium point will be ................6. In market equilibrium, when the price of complement decreases, the new equilibriumquantity will be ................7. In market equilibrium, when demand decreases by equal magnitude to an increase insupply, the equilibrium price will be ................8. The demanded of a good ..................... if the price of complement good increases.9. When nominal GDP in a given year is higher than real GDP,…