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- 69. If the price of labor falls relative to the price of capital, and as a result the quantity of capital employed decreases, it can be concluded that: A. The substitution effect is greater than the output effectB. The output effect is greater than the substitution effectC. The income effect is greater than the output effectD. Labor cannot be easily substituted for capitalIf the price of capital decreases and the demand for labour decreases then Select one: OA. the scale effect is less than the substitution effect. OB. the scale effect and substitution effect offset each other. Oc. the scale effect is greater than the substitution effect. OD. capital and labour are gross complements.6.Consider the market for labor. When you draw a supply and demand curve, what group of people represent “demand”? Explain.
- Suppose that labor is the only input used by aperfectly competitive firm. The firm’s productionfunction is as follows:Days of Labor Units of Output0 days 0 units1 72 133 194 255 286 297 29a. Calculate the marginal product of each additionalworker.b. Each unit of output sells for $10. Calculate thevalue of the marginal product of each worker.c. Compute the demand schedule showing thenumber of workers hired for all wages from zeroto $100 a day.d. Graph the firm’s labor-demand curve.e. What happens to this demand curve if the price ofoutput rises from $10 to $12 per unit?A technological advance that increases the marginalproduct of labor shifts the labor- _________ curve tothe _________.a. demand; leftb. demand; rightc. supply; leftd. supply; rightQ.1.20 An upward-sloping labour supply curve illustrates that ceteris paribus; (a) the quantity of labour supplied and the hours of work per week aredirectly related.(b) the quantity of labour supplied and the price of labour used to produceoutput are inversely related.(c) individuals use higher income to buy back leisure time.(d) a greater quantity of labour would be supplied at higher wage rates .Q.1.17 Marginal cost is defined by: (a) total cost increases when one more unit is produced.(b) fixed cost increases when one more unit is produced.(c) Total revenue increases when one more unit is produced.(d) average cost increases when one more unit is produced.
- Leadbelly Co. sells pencils in a perfectly competitiveproduct market and hires workers in a perfectly compel·ilive labor market. Assume tha t the market wage ra le forworkers is $150 per day.a. What rule should Leadbcily follow to hire theprofit-maximizing ammmt ol labor?b. Al the profit-maximizing level of output, the marginal product of the last worker hirro is 30 boxesof pencils per day. Calculate the price of a box ofpencils.c. Draw a diagram of the labor market fo r pencil wo.rkers (as in Figure 4 ol this chapter) next to a diagramof the labor supply and demand for Leadbelly Co. (asin Figure 3). Label the equilibrium wage and quanti tyof labor lor both the market and the lirm. How arethese d iagrams related?d. Suppose some pencil workers switch to jobs in thegrowing computer industry. On the sidc,-by-5idediagrams from part (c), show how this changeaffects the equilibrium wage and quantity o( laborlor both the pencil market and lor Leadbelly. Howdocs this change affect the marginal…QUESTION 19 When the marginal revenue product of labor (MRPL) is greater than the wage (W) then: A. The firm should hire less labor to pay minimum wage B. The firm should use more capital to increase the labor productivit C. The firm should demand more labors in order to get maximum profit O D. The firm should use less capital and more labors to pay minimum cost4. With the aid of an appropriate diagram, explain the income and substitution effects with regard to the Labour Supply curve.
- Table 14.10 shows levels of employment (Labor), the marginal product at each of those levels, and the price at which the firm can sell output in the perfectly competitive market where it operates. a. What is the value of the marginal product at each level of labor?b. If the firm operates in a perfectly competitive labor market where the going market wage is $12, what is thefirm’s profit maximizing level of employment?1. A competitive firm sells its output for $30 per unit. The marginal product of the 10th worker is 20 units of output per day; the mar ginal product of the 11th worker is 16 units of output per day. The firm pays its workers a wage of $1 50 per day. a. For the 11th worker, the value of the marginal product of labor is $120. b. For the 11th worker, the value of the marginal product of labor is S$480. c. For the 11th worker, the value of the marginal product of labor is $600. d. For the 11th worker, the value of the marginal product of labor is S$2,400.Illustrate and examine how the individual supply of labor curve demonstrate the way an individual divides his/her time between work and leisure
