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- The following graph shows the relationship between a worker’s years of education and the salary he or she is likely to earn. What is wrong with this graph? It doesn’t label the variables on the two axes. It gives no information about the units for the variables. It uses different scales on the two axes. It has no data.What is the difference between and Accounting Profit and an Economic Profit? How does Technology affect the Demand for Labor?Please calculate the marginal product of labor at the steady state
- Explain labour demand in short with a diagram.Explain efficiency wage theory Only typed solutionGopher Excavators produces shovels in a small factory and sells the shovels in a competitive market. The following table shows the company's production function: Labor Output (Number of workers) (Shovels) 1 80 2 150 3 210 4 250 5 270 Use the blue points (circle symbol) to plot the production function for Gopher Excavators on the following graph. 300 270 240 Production Function 210 180 150 120 90 60 30 LABOR (Number of workers) OUTPUT (Shovels)
- Using a diagram explain what happens to the long-run demand curve for labor if the price of labour increases? Decompose the changes into scale and substitution effects.Suppose that a shoe manufacturer that employs 6 workers is able to increase the average product of labour from 5 pairs of shoes per hour to 6 pairs of shoes per hour by hiring a seventh worker. What will the seventh worker's hourly marginal product be?