Suppose there is an increase in the labor force participation rate. You would expect the equilibrium wage to ISelect] v and the equilibrium quantity of labor employed to [Select)
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A: labor force= employed+unemployed
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- If you an? out of school but working part time, are you considered employed or unemployed in U.S. labor statistics? If you are a full time student and working 12 hours a week at the college cafeteria are you considered employed or not in the labor force? If you are a senior citizen who is collecting social security and a pension and working as a greater at Wal-Mart are you considered employed or not in the labor force?What is the difference between being unemployed and being out of the labor force?1. Describe with the use of diagam how the wage rate and level of employment are determined if the labor market is purely competitive
- QUESTION TWOa) Given labour demand curve LDi = 40 − 5wi + 2wj, and wages labour market I and labour market j are wi = K5 and wj = K3 respectively. At the existing wages in labour market I and j, calculate;i). What is the nature of relationship between labour market i and labour market j.ii) Discuss the relationship between slope and elasticity of labour demand curve.Is it rational for a firm to hire the 3rd worker? Why and Why not? Is it rational for a firm to hire the 4th worker ? Why and why not? Graph the TP, MP and AP Schedule.Use a graph of labor supply and labor demand to illustrate the impact of each of the folllwing events on the equilibrium wage rate and the equilibrium level of employment in a labor market. (Analyze these as two separate unrelated events). Be sure to label your graph clearly to show the direction of the shift as well as an initial equilibrium and the new equilibrium after the event. A. A decline in the productivity of this type of labor B. An increase in the preference for work versus leisure.
- In a competitive labor market, an increase in theminimum wage results in a(n) _________ in thequantity of labor supplied and a(n) _________ in thequantity of labor demanded.a. increase; increaseb. increase; decreasec. decrease; increased. decrease; decreaseProduction function for firm is Ys=ln(Ld)Utility function is U(Yd, Ld)= Ys+ln(1-Ls)1) Write down maximization problem of firm and find labor demand curve2) Write down maximization problem of household and find labor supply curve3) Write down market clearing conditions4) Calculate equilibrium employment and real wage5) If the price is equal to $2, what would be the nominal wage in equilibriumQ5: Define the Labor Participation Rate (LFP). Then, for each of the following, explain what is likely to happen to the LFP if: a. The Federal Minimum Wage is abolished b. The minimum working age is raised from 16 to 18 c. The economy is in the midst of a prolonged recession d. The Federal Government reduces the duration of unemployment benefits from 26 weeks to 13 weeks
- A basic finding of labor economics is that workerswho have more experience in the labor force arepaid more than workers who have less experience(holding constant the amount of formal education).Why might this be so? Some studies have also foundthat experience at the same job (called job tenure) hasan extra positive influence on wages. Explain whythis might occur1. Supose that·Total Factor Productivity increases·Capital depreciates by 10%Everything else equal, what happens to labor demand in the economy?A. It decreases (i.e. shifts to the left of the demand curve)B. It increases (i.e. shifts to the right of the demand curve)C. Not enough information to answer 2. Does an increase in the wage causes leisure always to increase, because leisure is a normal good?A. YesB. NoC. Only if the substitution effect dominates the income effectD. Only if the income effect dominates the substitution effectWhich of the following events will shift the laborsupply curve to the right?a. More dads leave the work force to spend timeraising children.b. Great new video games are introduced, enhancingthe value of leisure.c. Relaxed immigration laws allow more workers tocome in from abroad.d. Government benefits for the retired are increased