Principles of Microeconomics
7th Edition
ISBN: 9781305156050
Author: N. Gregory Mankiw
Publisher: Cengage Learning
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Chapter 18, Problem 5QR
To determine
To determine: Theeffect of immigration on wage rate.
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Explain four ways in which a firm might increase its profits by raising the wages it pays sentence.
Why does a profit-maximizing firm hire workers up to the point where the wage equals the value of marginal product? Show that this condition is identical to the one that requires a profit-maximizing firm to produce the level of output where the price of the output equals the marginal cost of production.
Explain ways in which a firm might increase its profits by raising the wages it pays.
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- How might a company continue to do business without paying higher wages?arrow_forwardIf the population of the United States suddenlygrew because of a large wave of immigration,what would happen to wages? What wouldhappen to the rents earned by the owners of landand capital?arrow_forwardWhich of the following would increase the supply of labor? There’s a decrease in the number of workers The amounts of capital firms have increases The productivity of workers increases Immigration increases the number of workersarrow_forward
- Explain four ways in which a firm might increase its profits by raising the wages it pays.arrow_forwardGive at least ten explanations for why firms might find it profitable to pay wages above the level that balances the quantity of labor supplied and quantity of labor demanded? not copy pastearrow_forwardWhen using a supply-and-demand model to illustrate how land rents are set, economists typically draw the supply curve as a vertical line because: a. The supply of land is fixed. b. The supply of land is perfectly inelastic. c. The quantity supplied of land does not increase when rents go up. d. All of the abovearrow_forward
- Suppose a firm purchases labor in a competitive labor market and sells its product in a competitive product market. The firm’s elasticity of demand for labor is -0.4. Suppose the wage increases by 5 percent. What will happen to the number of workers hired by the firm? What will happen to the marginal productivity of the last worker hired by the firm?arrow_forwardSuppose a firm purchases labour in a competitive labour market and sells its product in a competitive product market. The firm’s elasticity of demand for labour is 0.4. Suppose further that the wage increases by 5 percent. What will happen to the amount of labour hired by the firm?arrow_forwardFor each of the following determine the impact on the demand or the supply of labor and effect on the equilibrium wage and quantity of labor employed. 1. The marginal productivity of workers rises.2. The government has just adopted an open-door immigration policy3. People desire leisure more than ever beforearrow_forward
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