Principles of Microeconomics, California Edition
2nd Edition
ISBN: 9780393622102
Author: Dirk Mateer, Lee Coppock
Publisher: NORTON
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Chapter 14, Problem 7QR
To determine
Describe the effects of productivity on demand, wage, and number of laborers employed.
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Principles of Microeconomics, California Edition
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- Suppose the firm only produces good X and that the price of good Y, a substitutegood, decreases. What will happen to the optimal quantity of labor the firm willhire? Explain.arrow_forwardWhich of the following is likely to shift the labor supply curve to the right, assuming all else equal? A rise in the wage rate A fall in the wage rate A rise in the immigration of workers in search of better work opportunities A fall in the population of a country due to a natural disasterarrow_forwardWhat 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?arrow_forward
- Equilibrium in the labour market depends on the demand for labour and the supply of labour. Graphically demonstrate how the supply of labour in the U.S. is affected by the increase in the labour force resulting from Mexican immigrants. What other factors that can cause the labour supply curve to shift?arrow_forwardExplain how changes in technology affect and change the demand for labor. Distinguish between situations in which a particular type of technological change increases the demand for a particular type of labor and those in which it decreases the demand for a particular type of labor.arrow_forwardOne of these four answers could cause the demand curve for labor to shift to the right. Which one? Group of answer choices a decrease in the firm's product price an increase in demand for the firm's product a decrease in labor productivity an increase in the wage ratearrow_forward
- Question 4 10 pts Use the following table to answer the following questions: Labor Hours Output 1. 10 18 25 30 33 34 35 If the workers are paid $8 per hour, the price of the product is $4, and the fixed cost of the business is $20, then how many workers should the business employ?arrow_forwardDiscuss labor supply and demand. Besides training and education, what are some of the things that have a significant impact on the supply and demand of labor? Explain why you believe they have such an impact. What other factors can directly influence the labor market?arrow_forwardWhich of the following events may increase the marginal product of labor? Check all that apply. An increase in the wage rate A technological improvement that is complementary for this type of labor A technological improvement that is substitutable for the labor in this market Good weather causes an increase in supply and a fall in price for one of the inputs used to make the goodarrow_forward
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