Suppose the SA government has set a limit (price ceiling) on the compensation corporate executives can receive. a. Explain and graphically represent the possible effects on the demand for executives, the supply of executives and unfilled vacancies. b. Explain price floors in the context of the national minimum wage (NMW).

Suppose the SA government has set a limit (price ceiling) on the compensation corporate executives can receive. a. Explain and graphically represent the possible effects on the demand for executives, the supply of executives and unfilled vacancies. b. Explain price floors in the context of the national minimum wage (NMW).

ECON MICRO

5th Edition

ISBN:9781337000536

Author:William A. McEachern

Publisher:William A. McEachern

Chapter12: Labor Markets And Labor Unions

Section: Chapter Questions

Problem 1.1P

See similar textbooks

Similar questions

a) Can you explain why different employees working in the same organization at different levels are paid differently? b) Keeping elasticity of demand for labor in mind, draw demand curves for two different professions being less and more elastic respectively also substantiate each with reasons for different slops. uestion
Answer the following questions based on the below diagram that shows the labour demand curve for a firm, where X is the mid-point of the line MN. Wage (RM) M 12 Quantity of labour 3 6. a. Calculate the elasticity of labour demand between the wage of RM2 and RM4. b. Calculate the elasticity of labour demand between the wage of RM8 and RM10. 6.
Suppose the supply of soccer players is give by the the equation Ls=W/10 and the valu of the marginal product is given by VMPL=100,000 - 100LD. Question 1 Compute the equilibrium number of players hired in a competitive labor market. Round to the nearest whole number. Question 2 Compute the equilibrium the wage paid to each player in a competitive labor market. Round to the nearest dollar.
9. Calculating the price elasticity of supply Dmitri is a university student who lives in Vancouver and teaches tennis lessons for extra cash. At a wage of $50 per hour, he is willing to teach 7 hours per week. At $65 per hour, he is willing to teach 10 hours per week. Using the midpoint method, the elasticity of Dmitri's labour supply between the wages of $50 and $65 per hour is approximately , which means that Dmitri's supply of labour within this wage range is
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
There was an increase in demand for im-person shopping what would you expect to happen to equilibrium wage of retail register workers?
When a competitive firm hired nine workers, its profits were $70. When it hired 10 workers, its output was went from 9 to 11 units. Each unit of output sold for $20 while the wage of each worker was $12. What is the firm's new profit level? > Question 11 In a conventional modeling of the minimum wage, the minimum wage has a greater impact on employment when demand is elastic rather than inelastic. False O True
1. Is the price elasticity of demand for gasoline more INELASTIC over a shorter or a longer period of time? Explain. 2. Is the price elasticity of supply, in general, more INELASTIC over a shorter or a longer period of time? Explain. 3. Is the supply curve for labor usually upward sloping? Explain
11. Calculating the price elasticity of supply Deborah is a stay-at-home parent who lives in Miami and provides math tutoring for extra cash. At a wage of $50 per hour, she is willing to tutor 7 hours per week. At $65 per hour, she is willing to tutor 10 hours per week. , which means Using the midpoint method, the elasticity of Deborah's labor supply between the wages of $50 and $65 per hour is approximately that Deborah's supply of labor over this wage range is
Q5 Those working for Amazon have been trying to form a union. Suppose that these workers are successful in forming a union and call themselves the Amazon Delivery Workers. Assume the union successfully negotiated a 14 percent wage increase and the result was that the quantity of labour demanded decreased by 10 percent. Given a fixed labour demand curve, we can conclude that Multiple Choice labour demand is inelastic. the coefficient of elasticity of labour demand is equal to 1. labour demand is elastic. the labour demand curve is upsloping. economies of scale has been achieved.
Use the diagram below which illustrates the imposition of a minimum wage Win a perfectly competitive labour markets and answer question 19. Win Which of the following statements about the diagram is FALSE? a) The minimum wage, W. may have been introduced in an attempt to ensure a certain minimum standard of living for all workers b) With the imposition of W. the supply curve of labour will shift outwards c) At W. there is an excess supply of labour d) The imposition of W. may increase the employers costs of production
Supply of construction workers in a small town is given by Qs = 4W- 20, and demand for construction workers is given by Qd 100-2W, where Q is the number of workers and W is the hourly wage. The town government imposes a tax of $1 per hour per construction worker. What percentage of the tax will construction workers end uppaying?OA. 50%O B. 60%OC. 75 %OD. 33%