Principles of Economics (MindTap Course List)
8th Edition
ISBN: 9781305585126
Author: N. Gregory Mankiw
Publisher: Cengage Learning
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Chapter 18.2, Problem 2QQ
To determine
Define marginal product of labor and value of marginal product of labor.
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who has a greater opportunity cost of enjoying leisure- a janitor or a brain surgeon? Explain. can this help explain why doctors work such long hours.
Who has a greater opportunity cost of enjoying leisure- a janitor or brain surgeon? Explain. Can this help explain why doctors works such long hours?
Explain your answer comprehensively about the question stated below:
Suppose Congress were to mandate that all employers had to offer their employees a life insurance policy worth at least $50,000. Use Economic Theory and concepts, both positively and normatively, to analyze the effects of this mandate on employee well-being.
What effect does this mandate have on the demand for labor? Use also curve to demonstrate the answer.
Chapter 18 Solutions
Principles of Economics (MindTap Course List)
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- According to a 2016 article in the Wall Street Journal, “After years of relative equilibrium, the job market for nurses is heating up in many markets, driving up wages and sign-on bonuses for the nation’s fifth-largest occupation.” Many nurses who previously delayed their retirement due to the 2008 recession had begun to retire, resulting in a retirement wave that caused nurses to exit the workforce in greater numbers than new nurses were entering. At the same time, demand for nurses had increased due to the additional health care coverage associated with job growth over the previous decade since the recession and the Affordable Care Act. Draw a demand and supply graph illustrating these developments in the market for nurses. Based on your diagram, forecast what will happen to the equilibrium wage for nurses as a result of the shift(s)? Is this consistent with what we actually observed? Briefly discuss whether this problem provides enough information to determine whether the…arrow_forwardGive typing answer with explanation and conclusion When a company only pays workers .50 an hour why would this be acceptable according to Martin Wolf’s theory?arrow_forwardSuppose that a skilled Brain surgeon Also happens To be the world fastest typist.Should She do her own typing or hiring a secretary?explainarrow_forward
- Arlene quits her $125,000-a-year job to take care of her ailing parents. What is the opportunity cost of her decision? A. the value she attributes to the satisfaction she receives from taking care of her parents B. zero, since she will no longer be earning a salary C. It depends on the "going rate" for home-care providers. D. at least $125,000arrow_forwardAs medical terminology continues to develop, will the marginal product activity of each additional dollar spent on it increase or decrease? What about the average productivity per dollar spent on medical care?arrow_forwardWhat are the major competitive strategies proposed by economists? How, for example, would elimination of the tax subsidy for employer-provided health insurance reduce spending on health care?arrow_forward
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