Why do employers need to take the product market and labour market into account while deciding the pay level? What is ‘pay level’?

Q: Use a diagram to thoroughly explain the backward bending labor supply curve and explain what income…

A: Backward bending labor supply curve is the graphical representation of the relationship between wage…

Q: 8) The value of the marginal product of any input is equal to the marginal product of that input…

A: Marginal product of labor refers to addition in total product by using one more unit of labor.

Q: What is the marginal product of labor, MPL, of the first, second, third, fourth, fifth and sixth…

A: Marginal product of labor = change in total output / change in labor Marginal Revenue product of…

Q: Explain the market and non-market factors that how wages may be determined in a labour market.

A: If we consider the labor market under perfect competition then the wage rate is set by the market,…

Q: Units of Labor Wage Total Wage MWC MRP VMP ... Cost 1 1 6. 3 4 4 4 4 3 6. 2 2 1. What is the degree…

A: Profit maximizing firm hire the employee at the point where the marginal cost is equal to marginal…

Q: factor productivity, z, increases to 5. What is the substitution effect of this wage change on…

A: Consumer utility means the satisfaction obtained by consumer by consuming one unit of commodity.…

Q: To what extent are flexible work arrangements a positive for workers? For employers?

A: Flexible work arrangement for workers is not bounded by rigid work rules. These arrangements are…

Q: If the price of oil falls, what would happen in the market for oil field workers? Select an answer…

A: When the prices of oil falls, this leads to decrease in the willingness of producer to produce more.…

Q: In a competitive labour market, businesses seek to maximize profits at the least cost (ie.…

A: In a competitive labor market , a firm maximizes its profits and optimizes its input costs at the…

Q: Which of the following does not impact the decisions of employers in the labour market? a.…

A: Labor Market is defined as a system where the labor demand and supply forces meet each other in…

Q: Nick has the following labour supply curve: Labour Supply W. W. w. LABOUR (Hours) the opportunity…

A: Backward binding labor supply curve. Which shows that as wage increases, workers supply more hours…

Q: About what proportion of the variation of wages across workers is explained by factors that can be…

A: The wages are payments that the workers receive for their services. For permanent workers these…

Q: With the help of a diagram, make a distinction between substitution effect and income effect on…

A: Income Effect versus Substitution Effect: An Overview  The income effect communicates the effect of…

Q: (a) Why does the labour demand curve slope downwards?

A: Hi, thanks for the question. As per the guidelines we are allowed to attempt the first question. If…

Q: Ithough individual labor supply curves, such as the one own, can be backward bending, the market…

A: Option B is the correct answer: higher wage rates will draw more people into a given market.…

Q: Quantity of Labor Number of Baseballs Per Day 1 100 240 360 4 440 500 39. Refer to Table. This table…

A: Marginal Product of third labour  (MP) = 360 - 240 =120

Q: does a gap between the average earning of between of men and women, or between whites and black,…

A: Introduction Discrimination is defined as behaviour based on the conviction that members of a…

Q: why in her calculation of the cost of going to college, an economist would include the amount of…

A: Economic cost= Accounting cost+Opportunity cost.

Q: Bikes sell for $40 each. Find the marginal product and the value of the marginal product r each…

A:

Q: Spring rolls per day The market for spring rolls is perfectly competitive, and the price is $2.00 a…

A:

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

A: Productivity: The output per hour given by the labourer is called productivity. The productivity is…

Q: demand curve for labor is determined bya. the opportunity oost of wO<kers' time. b. the value of…

A: Option C Higher the wage rate, lower is the demand for labor.  When wages are high, firms substitute…

Q: Whats the difference between wages and salaries ?

A: Remuneration: It is payment or compensation received for services or employment.

Q: What reason does NOT explain why women may earn less than men in the labor market? A. Occupational…

A: Labor: - labor is one of the factors of production, any physical and mental work by humans against a…

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: Private sector employmnet in Palestine in 2019 onstitutes O a. roughly 50 percent of total employmer…

A: In the occupied Palestinian territory, the private sector employs the majority of the labour force.…

Q: Work and Utility. Explain the concept of the "net utility of work." How is it useful in developing…

A:

Q: Explain how compensating differentials could contribute to differences between the average wages of…

A: Compensating differentials id defined as an additional amount of wage/income that must be offered to…

Q: Equilibrium in the lobour market depends on the demand for labour and the supply of labour.…

A: The supply of labour in US would increase with the Mexican immigrants. This would shift the supply…

Q: What happens to the reservation wage if nonlabor income increases, and why?

A: Reservation wages are those wages which are given to the labor so that they participate in the labor…

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: Darla gets her utility from consumption C and leisure L. The most leisure she can consume in any…

A: A laborer's reservation wage is the lowest pay permitted by law that the laborer needs to take an…

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: What happens to hours of work when the wage rate falls? Decompose the change in hours of work into…

A: The wage refers to the income which is paid to the workers for their services. The wage rate is…

Q: How do wages affect labor supply?

A: The labor is an important factor of production and the wage is the income earned by labor for…

Q: Why does the salary gap persist?

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

Q: Unlimted immigration into the US will OA shift the labor supply curve to the left OB. resut in an…

A: Immigration means when  large number of population leave their own country and move towards the…

Q: Why is the short-run demand curve for labor downward sloping?

A: The three most important factors of production- land, labor, and capital are used in the production…

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…