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- Table 14.12 shows the quantity demanded and supplied in the labor market for driving city buses in the town of Unionville, where all the bus drivers belong to a union. What would the equilibrium wage and quantity be in this market if no union existed? Assume that the union has enough negotiating power to raise the wage to 4 per hour higher than it would otherwise be. Is there now excess demand or excess supply of labor?Table 14.11 shows levels of employment (Labor), the marginal product at each of those levels, and a monopolys marginal revenue. What is the monopolys marginal revenue product at each level of employment? If the monopoly operates in a perfectly competitive labor market where the going market wage is 20, what is the films profit maximizing level of employment?Name some factors that can cause a shift in the demand curve in labor markets.
- K 8.00- 7.60- 7.20 6.80- 6.40- OA. B, A OB. A; A OC. B; B O D. A; B Market A 0 400 800 1200 Quantity S D a S 8.00- 7.60- 7.20 6.80 6.40 0 Market B 400 800 1200 Quantity S D Use the supply and demand diagrams for labour markets A and B given above to answer the following question. If a minimum wage of $7.20 is imposed on both markets, then the reduction in employment will be highest in market and unemployment will be highest in marketConsider two hypothetical states that operate under different laws goveringsborunione The following graph shows the labor market in a state in the West. Initially, the market-clearing wage in this state is $0.00 per hour. Now, suppon that the General Assembly in this western state passes a law that makes it easier for workers to join a union. Through collective bargaining, the union negotiates an hourly wage of $10.00 Use the graph input tool to help you answer the following questions. You will not be graded on any changes you make to this graph. LABOR (T Supply Demand Enter $10.00 Into the box labeled Wage on the previous graph. Hint: nur to pay attention to the units used on the graph At the unia wage, www Graph Input Tool Market for Labor Wage Labor Demanded (Thousands of union workers will be employed. Adjust the graph to show what happens to employment and wages in the eastern state 27 The following graph showe the labor market in a state in the East. Suppose the legislature in…The table below shows the quantity demanded and supplied in the labor market for economics professors at I'mAStateUniversity, where all the professors belong to a union. All of the economics professors could also work as economic consultants, but the market for economic consultants is not unionized. Annual Salary Quantity of workers demanded Quantity of workers supplied $50,000 95 20 $60,000 80 30 $70,000 65 40 $80,000 50 50 $90,000 35 60 $100,000 20 70 If the union negotiates an annual salary increase for economics professors that is $20,000 higher than the market wage rate for economic consultants, then the market wage rate for the consulting positions will _____________________ and the quantity of economic consultants employed will_____________________. Question 3 options: rise, rise rise, fall fall, rise fall, fall
- Describe, with an aid of a graph, the effect of an increase in the price of trucks on the equilibrium wage rate and equilibrium level of employment in the market for truck drivers. Dentify the two different categories of trade unions and clearly distinguishbetween them. ( Use an example of each category of trade union to support your answer.) Briefly describe any three reasons why labour markets may be imperfectlycompetitive.If a labor union successfully restricts the supply of labor to firms, and if the union is not able to influence the demand for labor, then the wage rate and employment OA. rises; decreases OB. falls; might increase, decrease, or remain constant OC. falls; increases OD. rises; remains constant % 5 6 M & 7 * 8 9 Next DE 0 mp tact Us +. Contrasting labor union lews in twe states Consider two states that adopt afferent lews concerning labor unions. The following graph shows the lebor market in a state in the North. Initiay, the market-clearing wage there is s8.00 per hour. Suppose that the legislature in this northern state pesses laws that make Reasy for workers to join a union. Through collective bargaining, the union negotiatesa wege of s10.00 per hour. Use the graph input tool te help you answer the following questiens. You wil not be graded on any changes yeu make to thi graph Graph Ingut Tool Market for Labor Wege (Dolars per hour) 2.00 Labor Demanded (Thousand workers 1,400 Labor Suppled (Thosands of workers) 200
- 2 of 2 Book Print erences ic raw ill 430s workers S 10 20 30 40 5:07 / 5:07 The following table gives output for different numbers of workers for Shiny Sleeves, a producer of shirt varnish. Shiny Sleeve's wages are $10 per hour. For each level of workers, calculate Shiny Sleeve's total hourly wage cost. Instructions: Enter Marginal Product and Wage Cost in whole numbers and Marginal Cost rounded to two decimal places. For each jump between levels of workers and output, calculate Shiny Sleeve's Marginal Product and Marginal Cost. output/hour 50 100 140 170 Marginal Product LO 5 4 3 1xThe diagram provides supply and demand curves for a competitive labour market it a labour union negobates the wage to W, in an otherwise competitive labour market OA employers will hire L, labour OB. employers will here labour at the level higher than L OC. the supply of labour will stay the same OD equilibrium will occur at W, and L OE the demand for labour will stay the same 0 Wage Rate W₁ Quarnty of Labour Supply DemandConsider an economy with two labor markets—onefor manufacturing workers and one for serviceworkers. Suppose initially that neither is unionized.a. If manufacturing workers formed a union, whatwould you expect to happen to the wages andemployment in manufacturing?b. How would these changes in the manufacturinglabor market affect the supply of labor in themarket for service workers? What would happento the equilibrium wage and employment in thislabor market?