please answer both points with explanation Suppose in a company, the initial wage (for everyone) is 10 dollars per hour and allworkers work for 20 hours per week Later, all workers get a raise to 20 dollars perhour. Worker A works for 25 hours per week; worker B works for 30 hours per weekworker C works for 35 hours per week. Which worker's labour supply is the mostelasticO Need more information to answer this questionAll three have the same elasticityO Worker CO Worker AWorker BBrian's utility function is given by the following function: U(C,L) = C x (L - 20); whereCis consumption and Lis leisure.He has 120 hours available in a week. He earns $10 per hour. Each week, he receive$500 from his father regardless of whether he works or notWhat is Brian's reservation wage?152013105.

worker C has the most elastic labor supply because labor C is working more than the prescribed…

Suppose in a company, the initial wage (for everyone) is 10 dollars per hour and all workers work for 20 hours per week Later, all workers get a raise to 20 dollars per hour. Worker A works for 25 hours per week; worker B works for 30 hours per week worker C works for 35 hours per week. Which worker's labour supply is the most elastic Need more information to answer this question All three have the same elasticity Worker C Worker A Worker B Brian's utility function is given by the following function: U(C,L) = C x (L - 20); where Cis consumption and Lis leisure. He has 120 hours available in a week. He earns $10 per hour. Each week, he receive $500 from his father regardless of whether he works or not What is Brian's reservation wage? 15 O 20 13 10 5.

Suppose in a company, the initial wage (for everyone) is 10 dollars per hour and all workers work for 20 hours per week Later, all workers get a raise to 20 dollars per hour. Worker A works for 25 hours per week; worker B works for 30 hours per week worker C works for 35 hours per week. Which worker's labour supply is the most elastic Need more information to answer this question All three have the same elasticity Worker C Worker A Worker B Brian's utility function is given by the following function: U(C,L) = C x (L - 20); where Cis consumption and Lis leisure. He has 120 hours available in a week. He earns $10 per hour. Each week, he receive $500 from his father regardless of whether he works or not What is Brian's reservation wage? 15 O 20 13 10 5.

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter5: Elasticity

Section: Chapter Questions

Problem 40P: Assume that the supply of law-skilled worker is fairly elastic, but the employers demand for such...

See similar textbooks

Similar questions

What is die price commonly called in the labor market?
Assume that the supply of law-skilled worker is fairly elastic, but the employers demand for such workers is fairly inelastic. If the policy goal is to expand employment for low-skilled workers, is it better to focus on policy tools to shift the supply of unskilled labor or on tools to shift the demand for unskilled labor? What if the policy goal is to raise wages for this group? Explain your answer with supply and demand diagrams.
Why are the factors that shift the demand for a product different from the factors that shift the demand for labor? Why are the factors that shift the supply of a product different from those that shift the supply of labor?
Other than the demand for labor, what would be another example of a 'derived demand?
What is the formula for the wage elasticity of labor supply?
¡Suppose that in a certain small town when the weekly earned income of a typical recipient of a public program benefit rises from $600 to $700, the number hours worked per week by the recipient falls from 40 to 35. A. What is the income elasticity of labor supply for the typical benefit recipient in that town? B. In this town, is the labor supply of the typical benefit recipient elastic or inelastic? Why? intion fanproximately 200 word naraaranh) two of the maior IIS nublic programs that
Briefl y explain how the following programs would affect the elasticity of demand for labor in the steel industry: a. An increased tariff on steel imports. b. A law making it illegal to lay off workers for economic reasons. c. A boom in the machinery industry (which uses steel as an input)— causing production in that industry to rise. d. A decision by the owners of steel mills to operate each mill longer than has been the practice in the past. e. An increase in the wages paid by employers in the steel industry. f. A tax on each ton of steel produced.
Suppose that the labor demand for restaurant waiters in a small city is LD = −10 + 20w wherew is wage in dollars per hour.1. Derive the formula of the wage-elasticity of labor demand.2. Solve for the wage-elasticity of labor demand at the following wage rates below. Tell whetherlabor demand is elastic, inelastic, or unit elastic at each given wage rate.a. w = 4b. w = 6
5. What are the three primary factors that determine the magnitude of the wage elasticity ofdemand for labour? These are called Hicks’ laws. For each of them, explain how they work..
11. Calculating the price elasticity of supply Dina is a stay-at-home parent who lives in Denver and does some consulting work for extra cash. At a wage of $25 per hour, she is willing to work 6 hours per week. At $35 per hour, she is willing to work 16 hours per week. Using the midpoint method, the elasticity of Dina's labor supply between the wages of $25 and $35 per hour is approximately that Dina's supply of labor over this wage range is which means
A new law requires employers to provide health benefits to all workers who are employed more than 10 hours per week. This law results in a $3 per hour increase in the cost of the equilibrium hiring workers. The law is likely to the demand for labor and wage paid to workers. O increase: decrease increase : increase decrease: decrease decrease: increase ASUS
Need some assistance with question. Explain and discuss the relationship between the elasticity of demand for the product and the elasticity of demand for the labor that produces the product. Based on your explanation question 1 above, discuss how that relationship between the elasticity of demand for products and labor would affect your job searching strategy in the future. Explain how the relationship between elasticity of demand for the product and labor would affect your major or specialization while you are studying at a higher education institution.