Connect Access Card for Microeconomics
21st Edition
ISBN: 9781259915734
Author: Campbell McConnell, Stanley Brue, Sean Flynn
Publisher: McGraw-Hill Education
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Chapter 25, Problem 11DQ
To determine
Decline in illegal immigration.
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. Suppose that a car dealership wishes to see if efficiency wages will help improve its salespeople’s productivity. Currently, each salesperson sells an average of one car per day while being paid $20 per hour for an eight-hour day. LO17.8
What is the current labor cost per car sold?
Suppose that when the dealer raises the price of labor to $30 per hour the average number of cars sold by a salesperson increases to two per day. What is now the labor cost per car sold? By how much is it higher or lower than it was before? Has the efficiency of labor expenditures by the firm (cars sold per dollar of wages paid to salespeople) increased or decreased?
Suppose that if the wage is raised a second time to $40 per hour the number of cars sold rises to an average of 2.5 per day. What is now the labor cost per car sold?
If the firm’s goal is to maximize the efficiency of its labor expenditures, which of the three hourly salary rates should it use: $20 per hour, $30 per hour, or $40 per hour?…
You said that "this may result in a steeper AS curve due to the fact that firms can produce more output for a given price level.". However, I think that steeper AS without the change of y-intercept(shift) will have opposite effect. I drew a diagram to compare different As curves with same y intercept and different slopes. It is clear that for same level; of price level, steeper AS has loer output (Y2) than faltter AS (Y1), could u please explain it for me? Thanks a lot :)
QUESTION 7
If foreign immigration (only) increases the number of workers in the US by 10%, GDP per worker should
O A. Increase by 10%
O B. Increase by less than 10%
OC. Decrease by more than 10%
O D.Decrease by less than 10%
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- A dozen eggs cost $1.22 in January 1990 and $2.33 in January 2016. The average wage for workers in private industries was $10.02 per hour in January 1990 and $21.33 in January 2016. By what percentage did the price of a dozen eggs rise? 48% 91% 111% By what percentage did the wage rise? O 21% 94% 113% In order to earn enough to buy a dozen eggs, a worker had to work. Workers' purchasing power in terms of eggs minutes in January 1990 and between 1990 and 2016. minutes in January 2016.arrow_forwardEmployment 0 1 2 3 4 5 6 Labor Demand Data Total Product 0 15 28 о Multiple Choice о O $18 $17 39 48 55 60 $15 $16 Product Price $2.20 2.00 1.80 1.60 1.40 1. 20 1.00 The table shows labor demand data on the left and labor supply data on the right. What will be the profit-maximizing wage rate? Labor Supply Data Employment 0 1 2 3 4 LO 5 6 Wage Rate $15.00 16.00 17.00 18.00 19.00 20.00arrow_forwardA software company in Silicon Valley uses programmers (labor) and computers (capital) to produce apps for mobile devices. The firm estimates that when it comes to labor, MPL = 5 apps per month while PL = $1,000 per month. And when it comes to capital, MPC = 8 apps per month while PC = $1,000 per month. If the company wants to maximize its profits, it should: LO16.5 a. Increase labor while decreasing capital. b. Decrease labor while increasing capital. c. Keep the current amounts of capital and labor just as they are. d. None of the above.arrow_forward
- Figure 9.2, U.S. Labor Market Figure 9.2 represents the U.S. labor market. Assume that labor and capital are the only factors of production. Also assume the initial supply schedule of labor is denoted by S, and consists entirely of native U.S. workers. The demand schedule of labor is denoted by Do Hourly Wage/S O O 18 Select one: O 12 O 9 So 2 Consider Figure 9.2. Policies that permit Mexican workers to freely migrate to the United States would likely be resisted by: S₁ a. U.S. capital owners b. Native U.S. workers 3 Do 6 Quantity of Labor c. U.S. capital owners and native U.S. workers d. Neither U.S. capital owners or native U.S. workersarrow_forwardUsing the table below and a benchmark year of 1992, what is the output index for 1988? YEAR 1988 1992 1996 0.872 O 0.698 O 1.432 O 1.146 BEET PRODUCTION (TONS) 4,598 6,584 7,548 OUTPUT INDEX 1.00 PRICE OF BEETS ($/TON) $0.557 $0.697 $0.856 PRICE INDEX 1.000arrow_forwardNonearrow_forward
- In the year 2014, the world's average per capita GDP was $14,517. What percent of the world's population lived in a country with per capita GDP that was below $14,517? O 21% 43% 56% OOOO 73% Show Transcribed Text Roughly what percent of the world's population live in countries with per capita GDP lower than the average world per capita GDP? 75% 50% © 25% C 10%arrow_forward(Only answer number 2 but use the info from number 1 on an excel file to show formulas used)arrow_forwardOn your diagram, illustrate and explain how the wage increase can lead them to have: more consumption and more free time • more consumption and less free time • less consumption and more free time this is the diagram, are you able to make a copy of that and illustrate the answer ¥50 650 600 SS-O 480 400 350 -300 250 200 150. SO 1-720 360 240 1 2 1 4 T 6 8 S C c=200214-4) A 10 ( 12 1 14 BC=30(24-1) 1 1 16 18 4C2 IC₂ 20 22 24 slope-20arrow_forward
- D Question 14 Suppose for the country of Joshua-land, the annual inflation rate is 7%, the population growth is 5% per year while GDP increases by 2% per year. How long would it take for the country to double its GDP? O 7 years O 14 years 35 years O Never Question 15 For the previous question, how long would it take Joshua-land to double its GDP capita? per O 7 years O 14 years O 35 years Never Question 16 For Joshua land, how long would it take for prices to double? O 7 years O 10 years 35 years O Not enough informationarrow_forwardHow would I solve this?arrow_forwardA life-insurance salesman spends 12 hours a week on the telephone soliciting new clients. From past experience, the salesman estimates that each hour spent calling students, blue-collar workers, and professionals will produce the following number of additional sales: Hours Calling 0 1 2 3 4 LO 5 6 Number of Additional Sales Blue-Collar Workers 0 19 17 15 14 12 11 Students 0 25 22 19 17 15 12 Professionals 0 21 19 17 15 12 11 How should the life-insurance salesman allocate his phone-calling time to maximize the number of sales? Hours spent calling students = Hours spent calling blue-collar workers = Hours spent calling professionalsarrow_forward
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