who is incharge of wage diecisons in a business?

Q: In a perfectly competitive labor market, theoptimal hiring rule is to employ labor up to thepoint…

A: The labor force is the summation of employed workers and unemployed workers. Employed workers are…

Q: The demand for labor by a profit-maximizing firm is determined by: A. MPL = MC B. VMPL = MC C. MC =…

A: Economics is a branch of social science that describes and analyzes the behaviors and decisions…

Q: A major labor market trênd thất con ed signinca second half of the 20th century (1950-2000) was a…

A: The original definition of full employment is a situation in which everybody wanting to work for the…

Q: In a competitive labor market, when the governmentincreases the minimum wage, the resul t is…

A: The labor market illustrates how the interaction between the employers and the employees determines…

Q: Profit-maximizing firms will hire additional units of a resource up to the point at which the…

A: Marginal revenue product is the change in the total revenue due to additional unit of resource used.

Q: In a competitive labor market, an increase in theminimum wage results in a(n) _________ in…

A: And increase or decrease in the wage rate will affect the labor supply and demand curve.

Q: The Coalition of Immokalee Workers (CIW) claimsthat the going wage for farm labor is…

A: The labour unions and organizations are established to protect labour rights and provide them with…

Q: a) Explain how search frictions arise in the labour market.

A: The demand curve for labour, under the ceteris paribus assumption, shows the amount of labor…

Q: Assume the labor market for loggers is perfectly competitive. How would each of the following events…

A: Perfect competitive market refers to the market in which the price remains the same is equal to…

Q: How do unions affect the natural rate ofunemployment?

A: Unemployment rate states the proportion of total labor force that is seeking for the job…

Q: The fraction of the variations in WAGE explained by EDUC is ________. a 0.1478           b 0.1848…

A: R square (i.e., R2) measures the variation in the dependent variable explained by the independent…

Q: Why is the WS curve upward sloping (a).When wages are set by unions (b). When wages are set by…

A: The WS curve is also known as wage setting curve.

Q: Discrimination in the labour market The following table lists the name, height, and minimum wage 10…

A: They are the factor payment received for providing labor services. They are usually paid in…

Q: Over the long run, ____________ per hour is the mostimportant determinant of the average wage level…

A: Average wage refers to the mean salary of the employees/laborers. This is monitored and used by the…

Q: Suppose the supply curve of physicists is given by w= 10 + SE, while the demand curve is given by w=…

A: The equilibrium market wage rate is at the intersection of the supply and demand for labour. Here,…

Q: 18. Portray what will occur if a solid mechanical association is shaped in a work market which isn't…

A: A monopsonist firm is a single buyer of a particular factor in the market. Since the firm is the…

Q: Explain Impact of wage policies on labour market in Oman.

A: The labor market is defined as the supply and demand for labor, with employees providing the supply…

Q: Present all the possible cases for which the labour supply will be vertical.

A: The labor supply curve marks the relationship between the wage rate and the labor available. The…

Q: Please explain impact of labor unions to the labor market with necessary graphs

A: In the labor market, relationship between real wage and unemployment level in the economy can be…

Q: Define the term Direct Labor?

A: Direct labor is those labor, which are directly engaged in the production process. In other words,…

Q: 3. Suppose that the wage rate is $16 per hour and the price of the product is $ 2.0. Values for…

A: Answer; Labor is demanded where Value of Marginal product of labor is equal to wage rate.…

Q: Derive the output elasticity of labour in the following alternative production function: Y = c +…

A: We have the production function in which the labor is in logarithmic.

Q: It is profitable to hire labor so long as: A. The MPlabon is greater than wage B. The MPlabor) is…

A: Economics is a branch of social science that describes and analyzes the behaviors and decisions…

Q: The output of bakers at The Cheesecake Palace depends on the number of bakers employed. The factory…

A: Hi! Thank you for the question, As per the honor code, we are allowed to answer three sub-parts at a…

Q: It Is profitable to hire labor so long as the: MPL is greater than wage b. MPL is less than wage VMP…

A: Marginal product of labor is the change in the output or increase in production when an additional…

Q: A firm sells bagels for £0.51 each. With 11 workers the firm produces 99 dozen per hour, and with 13…

A: *SOLUTION :-

Q: Consider each of the following and explain why it is or is not a valid instrument for estimating the…

A: An instrument is valid to estimate the labor supply elasticity if it shifts labor demand but not…

Q: Analyse the factors determining the wage rate in the labour market.

A: Wage rate is how much base compensation paid to a laborer for every unit of time (according to hour…

Q: Which one of Marshall’s rules suggests why labor demand should be relatively inelastic for public…

A: The public school teachers and the nurses are a part of the production of some price inelastic…

Q: egal scrimination is illegal and, therefore, impossible. scrimination is legal, but few if any…

A: DISCLAIMER  “Since you have asked multiple question, we will solve the first question for you. If…

Q: Refer the figure given below to answer the question. Wage rate ($ per hour) 9 8 7 6 5 4 3 2 1 0 S₁ D…

A: If a person is not employed but is looking for work and is available for it, they are said to be…

Q: What is three determinants of labour demand with examples?

A: Demand and supply are important in microeconomics. Aggregate demand and aggregate supply are…

Q: It is profitable to hire labor so long as the: MP is greater than wage a. MP is less than wage VMP…

A: Economics is a branch of social science that describes and analyzes the behaviors and decisions…

Q: Describe the hiring decision of a perfectly discriminating monopsonist and of a nondiscriminating…

A: In the labor force, monopsony is a non-competitive condition in which only single employer can…

Q: l.C<ldbelly Co. sells pencils in a perfectly competitiveproduct market and hires workers in a…

A: Perfect competition refers to the situation where there are large number of prouder and consumers…

Q: It is profitable to hire labor so long as: A. The MP(laborn is greater than wage B. The MP(labor) is…

A: Economics is a branch of social science that describes and analyzes the behaviors and decisions…

Q: The marginal revenue product of labor is equal to: O MR × Wage. O MPL + P. MPL × P. O MR + Wage.

A: The marginal revenue product of labor (MRPL) is the additional amount of revenue generated by hiring…

Q: a. Glven the competitive market for labor shown In the dlagram on the left, Indicate the equilibrlum…

A: The equilibrium in the labor market would result in the intersection of the labor demand and the…

Q: Give the purpose and the application of the Labour Relations Act?

A: The main purpose of labor relation act is to make advance economic development, try to develop…

Q: Why does the salary gap persist?

A: Wage discrimination happens when, because of the activity of the work market, comparable laborers…

Q: Consider an economy with 20 workers. If the marginal product of labor (MPL) is 13 and the market…

A: Value of marginal product (VMP) is a measure to calculate a firm's revenue which is contributed by…

Q: Why do employers need to take the product market and labour market into account while deciding the…

A: The basic goal of every firm is to maximize the profits.

Q: Explain in two ways how the equilibrium wage can be disturbed

A: Equilibrium  wage is the wage rate which equates the demand and supply of the labor. The…

Q: how does the demand and supply for labour affect the wage rate of workers?

A: The labor market determines how the interaction between the workers and the employers determines the…

Q: What is a perfectly competitive labor market?

A: A perfectly competitive market will be one in which the firm have no power to impact the price of…