The diagram below shows the labor supply and demand curves for the firm JT Minn., who makes sofas. Suppose there is consumers interest in this product is increasing. Shift the appropriate curve in the correct direction to reflect the impact of this event on equilibrium in the labor market. Wage ($) (2400,$27) Labor Supply Labor Demand # of Workers

The diagram below shows the labor supply and demand curves for the firm JT Minn., who makes sofas. Suppose there is consumers interest in this product is increasing. Shift the appropriate curve in the correct direction to reflect the impact of this event on equilibrium in the labor market. Wage ($) (2400,$27) Labor Supply Labor Demand # of Workers

Microeconomics A Contemporary Intro

10th Edition

ISBN:9781285635101

Author:MCEACHERN

Publisher:MCEACHERN

Chapter12: Labor Markets And Labor Unions

Section: Chapter Questions

Problem 12QFR

See similar textbooks

Similar questions

From 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
Assume that tighter immigration laws cause a reduction in the supply of agriculturalworkers and this leads to higher wages in the sector. Dean’s Fruity Produce Ltd, afarm in Leicestershire, uses two inputs to harvest its output – machines (capital) andagricultural workers. Dean, the managing director of the company, has employedKarishma (a brilliant statistician) and she has estimated that the business’s long-runwage elasticity of labour demand is -1.7. Using isoquant/isocost analysis, explain the possible impact of the higher wages on the output level, total cost of production and input-factor mix of this business in boththe short and long-run and how would your answer change if Karishma had estimated that the long-run wageelasticity of labour demand was -0.4? (1000 words)
The labor supply is perfectly inelastic with LS = 5 and the labor demand is based on the competitive model. The marginal productivity is MPL = 10 – L where L is measured in hours worked. Each unit sells for a price of $4. What is the equilibrium wage in this labor market? $__/hr
ONLY TYPED ANSWER Suppose there are two goods, pizza and beverage. Suppose alp=5289, atp=911, alb=2508, atb=2172, Pp=11400, and Pb=12500. What is the equilibrium wage?
V4. Suppose that you have the following information about the market for employees in your buisness: Supply: W=20+N Demand: W=40-N a. Suppose that the union negotiates a team size of only 5 employees. Draw this graphically and calculate the new equilibrium wage number of employees. b. Draw this graphically and calculate the equilibrium wage and number of employees hired.
A company has 700 employees who work 140 hours a month each. Each worker earns $37 per hour. There is a profitable project the company would like to start, but it would require an additional 42,000 working hours within three months to be completed, and all the employees are fully loaded with other projects. The company does not want to hire new staff; they would like the project to be completed by the current workforce instead. Given that the wage elasticity of labor supply is 0.65, calculate the hourly wage the company should offer its employees to encourage them to work on the new project.
Describe the factors that could cause an increase in the wage rate of workers.
A commercial fisherman notices the followingrelationship between hours spent fishing and thequantity of fish caught:HoursQuantity of Fish(in pounds)0 hours 0 lb.1 102 183 244 285 30a. What is the marginal product of each hour spentfishing?
In June 2020, the Egyptian national airline carrier announced a considerable reduction in the prices of domestic flights with the aim to promote domestic tourism. This is expected to increase the economic activity of several Egyptian cities that were negatively impacted by the suspension of international as well as national tourism movements caused by COVID-19 pandemic. Aswan is one of the cities to benefit from this price reduction. a) With the aid of illustrative graphs, explain the impact of this decision on the labour market of Aswan, especially on the rates of unemployment and labour market equilibrium. b) Assume that Luxor city has been excluded from this decision by the national airline carrier. Discuss whether it's labour market outcomes would still be impacted by it? c) Do you expect that the wages of workers- that has the same skills and productivity - will be the same in both cities?
Ramone's Drones Inc. makes local deliveries using small drones. Ramone is looking to hire an additional pilot to help with increased delivery needs. He currently brings in $8750 per month, but with the new pilot, thinks he'll be able to increase his revenue to $10000 per month. What is the monthly marginal revenue from hiring the additional pilot, which is referred to as the marginal revenue product of labor or MRPL?
The price of factor A is GHC20 per units and the price of factor B is GHC300.00 per unit. The marginal product of factor A is 40 units and the marginal product of factor B is 60 units. Should the firm increase employment of factor A and decrease employment of factor B to minimise the total long run cost of producing existing output? Explain
Factors Influencing Labor Supply and Demand Discuss labor supply and demand. Address the following in the post: Besides training and education, what are some of the things that have a signficant impact on the supply and demand of labor? Explain why you believe they have such an impact. What other factors can directly influence the labor market?