The initial position of the graph corresponds to the initial labor market condition in the southern state before the labor union negotiated the new,higher wage for workers in the northern state.Suppose that after the wage goes up in the northern state, some workers in the northern state lose their jobs and decide to move to the southernstate.Adjust the graph to show what happens to employment and wages in the southern state.S.DemandS2SupplyDemandLABORWhich of the following groups are better off as a result of the union action in the northern state? Check all that apply.O Employers in the northern stateO The original workers in the southern stateV Workers in the northern state employed at the union wageV All workers in the northern stateWAGE Consider two states that adopt different laws concerning labor unions.The following graph shows the labor market in a state in the North. Initially, the market-clearing wage there is $10.00 per hour.Suppose that the legislature in this northern state passes laws that make it easy for workers to join a union. Through collective bargaining, the unionnegotiates a wage of $12.50 per hour.Use the graph input tool to help you answer the following questions. You will not be graded on any changes you make to this graph.Graph Input ToolMarket for Labor20.0I Wage(Dollars per hour)17.5Supply2.50Labor Demanded(Thousands ofworkers)Labor Supplied(Thousands ofworkers)15.087512512.510.07.5Demand5.02.51252503755006257508751000LABOR (Thousands of workers)Enter $12.50 into the box labeled Wage on the previous graph.Hint: Be sure to pay attention to the units used on the graph.At the union wage,375,000 union workers will be employed.The following graph shows the labor market in a state in the South. The legislature in this state passes strong "right-to-work" laws that make it verydifficult for unions to organize workers, so the wage is always equal to the market-clearing value. Except for this difference in legislation, the twostates are very similar.WAGE (Dollars per hour)

The demand and supply of labor refers to the interaction between employers who demand labor and…

Answered: The initial position of the graph…

Managerial Economics: A Problem Solving Approach

5th Edition

ISBN:9781337106665

Author:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor

Publisher:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor

Chapter2: The One Lesson Of Business

Section: Chapter Questions

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Consider two states that adopt different laws concerning labor unions. The following graph shows the labor market in a state in the North. Initially, the market-clearing wage there is $8.00 per hour. Suppose that the legislature in this northern state passes laws that make it easy for workers to join a union. Through collective bargaining, the union negotiates a wage of $10.00 per hour. Use the graph input tool to help you answer the following questions. You will not be graded on any changes you make to this graph. 020040060080010001200140016001614121086420WAGE (Dollars per hour)LABOR (Thousands of workers)Demand Supply Graph Input Tool Market for Labor Wage (Dollars per hour) Labor Demanded (Thousands of workers) Labor Supplied (Thousands of workers) Enter $10.00 into the box labeled Wage on the previous graph. Hint: Be sure to pay attention to the units used on the graph. At the union wage, union workers will be employed.…
Consider two states that adopt different laws concerning labor unions. The following graph shows the labor market in a state in the North. Initially, the market-clearing wage there is $8.00 per hour. Suppose that the legislature in this northern state passes laws that make it easy for workers to join a union. Through collective bargaining, the union negotiates a wage of $10.00 per hour. Use the graph input tool to help you answer the following questions. *Attached* Enter $10.00 into the box labeled Wage on the previous graph. Hint: Be sure to pay attention to the units used on the graph. At the union wage, _________ union workers will be employed. The following graph shows the labor market in a state in the South. The legislature in this state passes strong "right-to-work" laws that make it very difficult for unions to organize workers, so the wage is always equal to the market-clearing value. Except for this difference in legislation, the two states are very similar.…
Base on this video titled "The Great Resignation: Why Millions Of Workers Are Quitting", https://www.youtube.com/watch?v=1hKXEEUElO8, answer this question: If the so-called Great Resignation happens in the Philippines, what are its implications to the Filipino workforce and employers be? Limit your answers to 12 sentences.
To save money, some fast food chains are now having their customers place their orders at computer kiosks. Will the kiosks necessarily reduce the total number of workers employed in the fast food industry?
The below table shows the output associated with each quantity of labor, assuming the level of capital is fixed. Assume the price of a unit of output is $2 and the wage is equal to $11. How many workers would the firm hire? Show your work. Number of Workers Output per hour 0 0 1 8 2 14 3 18 4 20
The graph below depicts the major employer in a small town. At what quantity of workers does the marginal benefit of hiring the next worker equal the marginal cost? Multiple Choice 20 workers 60 workers 40 workers 50 workers
Suppose that a car factory initially hires 1,600 workers at $20 per hour and that each worker works 40 hours per week. Then the factory unionizes, and the new union demands that wages be raised by 25 percent. The firm accedes to that request in collective bargaining negotiations but then decides to cut the factory’s labor force by 30 percent due to the higher labor costs.
Derive the labor hiring rule for a profit maximizer firm in the short-run and give a graphical example to explain your argument with a graphically
Below is the payments matrix for collective bargaining between the union and the employer. Find the value of the collective agreement and the optimum strategies of the union and employer according to the graphic solution technique. Elements in the payments matrix show hourly wage increases. (Row = Union strategies, Column = employer strategies)
A perfect competitor charges a price of $30. The first worker he would hire would have a marginal physical product of 20, the second worker he would hire would have a marginal physical product of 18, the third worker would have a marginal physical product of 16, and the fourth worker would have a marginal physical product of 14. (a) How many workers would he hire if the wage rate were $540? worker(s) hired How much would his wage bill be? $ wage bill (b) How many workers would he hire if the wage rate were $470? worker(s) hired How much would his wage bill come to? $ wage bill.
Base on this video titled "The Great Resignation: Why Millions Of Workers Are Quitting", https://www.youtube.com/watch?v=1hKXEEUElO8, answer this question: If the so-called Great Resignation happens in the Philippines, what are its implications to the Filipino workforce and employers be? (max of twelve sentences)
Goleta Brewing Company hires only two types of labor, managers and brewing assistants (denoted M and B, respectively). GBC has the following Cobb-Douglas production function F(M,B) = M.5 B.5 and wants to produce 10 barrels of pale ale this week. If the wage of managers is $50 per hour and the wage of brewing assistants is $10 per hour, how many managers and brewing assistants should the firm hire (round to nearest whole number)? How does your answer change when the wage of managers decreases to $30 per hour and the wage of brewing assistants remains constant. Is this result consistent with your intuition?

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