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- Give the three reasons that explain why the division of labor increases an economys level of production.If two painters can paint 200 square feet of wall in an hour, and three painters can paint 275 square feet, what is the marginal product of the third painter?What shapes would you generally expect a total product curve and a marginal product curve to have?
- Your enterprising uncle opens a sandwich shopthat employs 7 people. The employees are paid$12 per hour, and a sandwich sells for $6. If youruncle is maximizing his profit, what is the value ofthe marginal product of the last worker he hired?What is that worker’s marginal product?What is labor economics? Which types of questions do labor economists analyze?Use your knowledge of household production theory to indicate the following: a) The expected effect of a wage increase on women’s labour supply. b) The expected effect of an increase in the wage of a women on the demand for children. c) Why the substitution effect for labour supply may be larger for women than men. d) The effect of a spouse’s disability on the other person’s labour supply, where the spouse requires home (not institutional) care. e) The effect on the same spouse’s labour supply, as in (d), if the government (or private insurance) provided financial compensation to the family.
- Give two examples of events that could shift thedemand for labor, and explain why they do soThe lines on the graph are budget constraints, showing the tradeoff between labor and leisure. Suppose that when the wage changes, an individual chooses to move from point A to another point on the graph. For each of the other points, where would it belong on the backward bending labor supply curve? Backward‑bendingportionVerticalportionUpward‑slopingportion Answer Bank B D F C EWhat is marginal rate of technical substitution?
- What is the difference between factor cost and market price? According to macro economics?Use the following information toanswer the questions belowComputers:Soybeans:Total revenue =Total120revenue = 120Payments to labor =60Paymentsto labor = 80Payments to capital =60Paymentsto land = 40Holding the price of computersconstant, suppose the price ofsoybeans rises 10% and that the wagerate increases 5%.a. What is the effect of these changeson the rental rate of capital?b. What is the effect of these changeson the rental rate of land?What is meant by an inferior factor of production? How would the firm’s demand for labour be altered if labour were an inferior factor of production?
