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- 2. Graphing demand for labor and computing the optimal quantity of labor demanded A company operates in a competitive market, selling each unit of output for a price of $20 and paying the market wage of $330 per day for each worker it hires. In the following table, complete the column for the value of the marginal product of labor (VMPL) at each quantity of workers. Labor Output Marginal Product of Labor Value of the Marginal Product of Labor (Number of workers) (Units of output) (Units of output) (Dollars) 20 1. 20 19 2 39 18 57 15 72 12 84 On the following graph, use the blue points (circle symbol) to plot the firm s labor demand curve. Then, use the orange line (square symbols) to show the wage rate. (Note: If you cannot place the wage rate at the level you want, move the two end points individually.) Hint: Remember to plot each point halfway between the two integers. For example, when the number of workers increases from 0 to 1, the value of the marginal product for the first…Wage Rate ($) 44 40 36 32 222 28 24 20 16 12 8 4 The Market for Labor 0123 4 5 6 7 Quantity of Labor 8 MRP 9 MRC 'S 10 11fast plzz (hand written
- Asap plz handwritten solutionQuantity TC TVC AFC ATC MC AVC 200 100 240 24 6. 660 160 20 1234 5People in which of the following categories are a subset of a marginally attached ? (a) discouraged workers (b) underemployed workers (c) workers with part time employment that work to full time (d) workers with jobs for which they are over qualified
- Automated for the people Automation risk by job type, % 10 20 30 40 50 60 Food preparation Construction Cleaning Driving Agricultural labour Garment manufacturing Personal service Sales Customer service Business administration Information technology Science & engineering Healthcare Hospitality & retail management Upper management & politics Teaching Source: OECD Economist.com Looking at the chart above Describe how technology is projected to affected the demand and supply of workers. Which industries are project to replace workers with machines?The city of Fairyland has a labour force of 5000. 50 people lose their jobs each month and remain unemployed for exactly 1 month before finding jobs. On Jan- uary 1 and July 1 of each year, 200 people lose their jobs for a period of 6 months before finding new jobs. What is the unemployment rate in any given month? (A) 1% (B) 3% (C) 4% (D) 5% The city of Fairyland has a labour force of 5000. 50 people lose their jobs each month and remain unemployed for exactly 1 month before finding jobs. On Jan- uary 1 and July 1 of each year, 200 people lose their jobs for a period of 6 months before finding new jobs. What is the average duration of an unemployment spell? (A) 1.5 months (B) 2 months (C) 3 months (D) 3.5 months16 The weekly salary of sales staff of a department store are shown below. "f" is the frequency or the number of staff members earning the stated salary (x). Salary Frequency x f $590 7 680 6 940 29 980 10 1540 2 1880 1 The mean weekly salary is _______. a $868 b $913 c $961 d $1,012
