Microeconomics For Today (MindTap Course List)
9th Edition
ISBN: 9781305507111
Author: Irvin B. Tucker
Publisher: Cengage Learning
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Chapter 11, Problem 2SQ
To determine
Check whether the statement is true.
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20. Over the last 60 or so years, the percentage of women with paid jobs has increased significantly. Is this increase in female employment associated with an increase in the demand for labor, or is it associated with an increase in the supply of labor?
When is an employer forced to keep the labor cost low?
A.
When the product demand is inelastic.
B.
When the employer is in a competitive product market.
C.
When the rate of unemployment is low.
D.
When certain skills are essential for production.
Would you expect the presence of the labor unions to lead to higher or lower pay for worker-members in the short run? What about the long run?
Chapter 11 Solutions
Microeconomics For Today (MindTap Course List)
Ch. 11.3 - Prob. 1YTECh. 11 - Prob. 1SQPCh. 11 - Prob. 2SQPCh. 11 - Prob. 3SQPCh. 11 - Prob. 4SQPCh. 11 - Prob. 5SQPCh. 11 - Prob. 6SQPCh. 11 - Prob. 7SQPCh. 11 - Prob. 8SQPCh. 11 - Prob. 9SQP
Ch. 11 - Prob. 10SQPCh. 11 - Prob. 11SQPCh. 11 - Prob. 1SQCh. 11 - Prob. 2SQCh. 11 - Prob. 3SQCh. 11 - Prob. 4SQCh. 11 - Prob. 5SQCh. 11 - Prob. 6SQCh. 11 - Prob. 7SQCh. 11 - Prob. 8SQCh. 11 - Prob. 9SQCh. 11 - Prob. 10SQCh. 11 - Prob. 11SQCh. 11 - Prob. 12SQCh. 11 - Prob. 13SQCh. 11 - Prob. 14SQCh. 11 - Prob. 15SQCh. 11 - Prob. 16SQCh. 11 - Prob. 17SQCh. 11 - Prob. 18SQCh. 11 - Prob. 19SQCh. 11 - Prob. 20SQ
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- The Geneva Watch Corporation manufactures watches on a conveyor belt with six stations. One worker stands at each station and performs the following tasks:Workers get paid $10 per hour. You can ignore any idle time of workers resulting from the beginning or the end of the day. a. What is the labor content? b. Assume a demand rate of 50 watches per hour. What is the takt time? c. Assume a demand rate of 50 watches per hour. What is the target manpower? d. An external supplier suggests shipping the battery module with preinstalled batteries, thereby eliminating the need for step 10. How would that impact process capacity? e. How could you increase the capacity of the process by rebalancing it?arrow_forward1. ABC firms is selling potatoes in a perfectly competitive product market and hires farmers in a perfectly competitive market. Assume that the market wage rate for farmers is $150 per day. a. What rule should ABC follow to hire the profit-maximizing amount of labor? b. At the profit-maximizing level of output, the marginal product of last worker hired is 30 pounds of potatoes per day. Calculate the price of a pound of potatoes. c. Draw a diagram of the labor market for potatoes next to a diagram of the labor supply and demand for ABC. Label the equilibrium wage and quantity of labor for both the market and the firm. How are these diagrams related? d. Suppose some farmers switch to jobs in the service industry. On the side-by-side diagrams from part (c ), show how this change affects the equilibrium wage and quantity of labor for both the potatoes market and for ABC. How does this change affect thearrow_forwardHow would each of the following factors be likely to affect the economy-wide supply of labor? ** A. The relaxation of immigration law that causes an influx of immigrants into the U.S. B.The age at which people are eligible for Medicare is decreased. C.Social Security benefits are made less generous. D.War preparations lead to the institution of a national draft, and many young people are called up.arrow_forward
- A. Explain, with the aid of a graph, the equilibrium position of a firm operating in a perfectly competitive labour market.(Note: do the graph and the explanation) B. The market demand for labour is the sum of all the individual firms’ demand curves.Identify four factors that can cause the market demand curve to shift. C. Why are labour markets imperfect? Give five reasonsarrow_forwardEconomics Which of the following statements best describes labor demand? a. The long-run labor demand is more elastic to wage rate than the short-run labor demand. b. The labor demand of a firm is more elastic to wage rate than the labor demand of the industry to which the firm belongs. c. In the short-run, firms have little scope in adjusting capital stock. Therefore, labor demand decisions of firms rest on how the marginal revenue from labor input is compared to the marginal cost of labor input. d. All of the above.arrow_forwardAnswer each of the following questions regarding the market for labor in the fast-food industry. a. If wages in the retail industry increase (assume that the retail industry requires similar skills as the fast-food industry), the point representing the equilibrium wage and quantity of workers will move down and to the left along the market supply curve for labor. the market supply curve for labor will shift to the right. the market supply curve for labor will shift to the left. the point representing the equilibrium wage and quantity of workers will move up and to the right along the market supply curve for labor. b. If new legislation limits the number of hours that workers under the age of 18 can work each week, the market supply curve for labor will shift to the left. the market supply curve for labor will shift to the right. the point representing the equilibrium wage and quantity of workers will move up and to the right along the market supply curve for labor. the point…arrow_forward
- 16. Bob White argues that if his wage went up from $10/hour to $20/hour he would still be able to pay rent and feed his family even if he worked half as many hours. So, if his wage increased he would want to work less. What is strange about Bob White's labor supply curve? a. it is very elastic b. it is very inelastic c. it slopes down d. it is verticalarrow_forwardHow would each of the following factors be likely to affect the economy-wide supply of labor? ** Could you show this on a graph and briefly explain it?** A. The relaxation of immigration law that causes an influx of immigrants into the U.S. B.The age at which people are eligible for Medicare is decreased. C.Social Security benefits are made less generous. D.War preparations lead to the institution of a national draft, and many young people are called up.arrow_forwarda) Suppose that there is an excess supply of economics professors. Should universities necessarily reduce salaries? What does standard economic theory suggest? What does efficiency-wage theory suggest (Explain with diagram). b. Briefly describe how labor unions can affect wages in non-unionized industries.arrow_forward
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