Please see the attached 97 The first 3 columns of the following table show data for a representative firm in an industry. The last 3 columns showthe market demand and supply for the type of labour employed by this firm.Quantity ofLabourMPL $ Product Price Wage $Quantity of Labour Quantity ofSupplied$10 10000$12 20000$1430000$1640000Labour Demanded85000800001$10$5.002$12$5.00$10$5.00750004$8$5.00700005$6$5.00$18 5000065000$5.00$5.00$5.006$4$2060000600007$2$22 70000550008$1$248000050000Refer to the information above to answer this question. What is the equilibrium wage rate if the firm maximizes itsprofits?Select one:O a. $18O b. $20O c. $5O d. $12e. Cannot be determined.3.

Marginal product of labor is the change in output resulting from employing an additional unit of…

The first 3 columns of the following table show data for a representative firm in an industry. The last 3 columns show the market demand and supply for the type of labour employed by this firm. Quantity of Labour 1 MPL $ Product Price Wage $Quantity of Labour Quantity of Supplied $1010000 $1220000 $1430000 $1640000 $18 50000 $2060000 Labour Demanded 85000 80000 75000 70000 $10 $5.00 $5.00 $12 3 4 $10 $5.00 $8 $5.00 $5.00 $6 $4 65000 60000 55000 $5.00 7 $2 $5.00 $5.00 $22 70000 $1 $2480000 50000 Refer to the information above to answer this question. What is the equilibrium wage rate if the firm maximizes its profits? Select one: O a. $18 O b. $20 O C. $5 O d. $12 e. Cannot be determined.

The first 3 columns of the following table show data for a representative firm in an industry. The last 3 columns show the market demand and supply for the type of labour employed by this firm. Quantity of Labour 1 MPL $ Product Price Wage $Quantity of Labour Quantity of Supplied $1010000 $1220000 $1430000 $1640000 $18 50000 $2060000 Labour Demanded 85000 80000 75000 70000 $10 $5.00 $5.00 $12 3 4 $10 $5.00 $8 $5.00 $5.00 $6 $4 65000 60000 55000 $5.00 7 $2 $5.00 $5.00 $22 70000 $1 $2480000 50000 Refer to the information above to answer this question. What is the equilibrium wage rate if the firm maximizes its profits? Select one: O a. $18 O b. $20 O C. $5 O d. $12 e. Cannot be determined.

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter14: Labor Markets And Income

Section: Chapter Questions

Problem 2SCQ: Table 14.11 shows levels of employment (Labor), the marginal product at each of those levels, and a...

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Table 14.11 shows levels of employment (Labor), the marginal product at each of those levels, and a monopolys marginal revenue. What is the monopolys marginal revenue product at each level of employment? If the monopoly operates in a perfectly competitive labor market where the going market wage is 20, what is the films profit maximizing level of employment?
What determines the demand for labor for a firm operation in a perfectly competitive out market?
Other than the demand for labor, what would be another example of a 'derived demand?
What is the marginal cost of labor?
What is a perfectly competitive labor market?
What determines the demand for labor for a firm with market power in the output market?
Explain i11each of the following situations how market forces might give a business an incentive to act in a less discriminatory fashion. A local flower delivery business run by a bigoted white owner notices that many of its local customers are black. An assembly line has traditionally only hired men, but it is having a hard time hiring sufficiently qualified workers. A biased owner of a firm that provides home health care services would like to pay lower wages to Hispanic workers than to other employees.
What are some of the most important laws that protect employee right?
Table 14.12 shows the quantity demanded and supplied in the labor market for driving city buses in the town of Unionville, where all the bus drivers belong to a union. What would the equilibrium wage and quantity be in this market if no union existed? Assume that the union has enough negotiating power to raise the wage to 4 per hour higher than it would otherwise be. Is there now excess demand or excess supply of labor?
What is the marginal cost of labor for a firm that operates in a competitive labor market? How does this compare with the MCL for a monopsony?