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- Please explain impact of labor unions to the labor market with necessary graphsA firm sells bagels for £0.51 each. With 6 workers the firm produces 42 dozen per hour, and with 7 workers it produces 53 dozen per hour. (a) To within two decimal places, the marginal revenue product of labor is £ . (b) Assume an 8-hour shift per worker and the labour market is perfectly competitive. To within two decimal places, the market hourly wage rate is £ .A company has the following production relationships: Number of Workers Output 11 18 26 33 4 The marginal product of the fourth worker is units. If the marginal product of the third worker were 7 units, and the price of the output is $10, the third worker's marginal revenue product is $ If the marginal product of the third worker were 7 units, and the price of the output is $10, then the maximum amount the company would be willing to pay the third worker if he or she were hired is $ Suppose initially the marginal product of the third worker were 7 units and the price of the output is $10. Then the output market improves dramatically and the output price doubles to $20. The new maximum amount the company would be willing to pay the third worker is $ Suppose initially the marginal product of the third worker were 7 units and the price of the output is $10. Then a new technology makes each worker more productive and marginal product doubles. The new maximum amount the company would be…
- Labor (workers per day) Total Product (per day) 10 4000 11 4389 12 4752 13 5083 14 5376 15 5625 The firm can hire as many workers as they want at the prevailing market wage of $150 a day per worker. In addition, the firm pays $200 a day for equipment. Enter ONLY numbers. No comma, units, or decimals. 1. What is the marginal product of the 12th worker? 2. What is the average product of hiring 12 workers? 3. What is the total variable cost per day if 12 workers are hired ? 4. What is the total fixed cost per day if 12 workers are hired?includes the wages paid to workers, the cost of any benefits the worker receives, and other expenses related to employing a worker. A) The price of labor (B) Marginal revenue product (C) The wage Take-home pay4 ways trade unions may influence the wage rate paid to employees in a particular occupation.
- See Diagram 2. if Firm Y's equilibrium point is J, which is total wage bill? (A) OAHK (B) OBJK (C) OGHK (D) OWOJK Diagram2: Perfect competitive labour market A Wage B G Wo K H SL DL= VMPE DL= MRPE EMacmillan Learning. Since the 1970s the number of jobs in manufacturing has decreased in the United States, while the number of service industry jobs have risen substantially. What possible effect did this change have on union membership in the United States? Union membership decreased because most unions were in manufacturing. Union membership increased because more jobs became available. There was no effect on union membership since total number of jobs was unchanged. O No option is correct.Consider two labor markets, an eastern state and a western state, that enact different laws governing labor unions. The following graph illustrates the labor market for the state in the East. Initially, the market-clearing hourly wage is $12. Suppose that the government in this eastern state passes a law that makes it easier for workers to become union members. Through a process of collective bargaining, the union negotiates an hourly wage of $16. Use the black point (plus symbol) to show how many union workers will be employed at the $16 wage. (Hint: Be sure to place the point on the appropriate curve.)
- 1. Why is a firm's demand for labor considered a 'derived demand?' What is it derived from? 2. The marginal cost of labor (MCL) is equal to what for a firm that operates in a competitive labor market? How does this compare with the MCL for a monopsony.(Figure: Labor Union Wages I) The figure represents a labor union with wage in dollars and quantity of labor in hundreds of hours. Wage 200 ($) 180 160 140 120 100 80 60 40- 20 0 MR MC LD 10 20 30 40 50 60 70 80 Quantity of labor If the labor union chooses to maximize profit, how many workers will it supply? 0 2,750 4,000 8,000 5,000Complete the following labor demand table for a firm that is hiring labor competitively and selling its product in a competitive market. Instructions: Enter your answers as a whole number. Units of Labor 0 1 2 3 4 5 6 Total Product 0 17 31 43 53 60 65 Marginal Product Product Price $2 2 2 2 2 2 Total Revenue Marginal Revenue Product a. How many workers will the firm hire if the market wage rate is $27.95? worker(s) How many workers will the firm hire if the market wage rate is $19.95? worker(s)
