10. Identical wages Which of the following is required for all workers to earn identical wages in the long run? Check all that apply. All jobs require the performance of similar types of tasks. All workers must have a bachelor's degree. Workers can move from one labor market to another at zero cost. Other than the amount they pay, all jobs are considered equally attractive to all workers.

OL JO / UOIısend Which situation bestillustrates the concept of division of labor? O A. A business hires employees who require training in most skills. B. A business hires employees who are mostly self-sufficient. C. A business hires employees who all have a wide range of skills. D. A business hires employees who each specialize in one skill. SUBMIT + PREVIOUS DEL

Q51 A farmer named Chris Freeland who has fixed amounts of land and capital finds that total product is 24 for the first worker hired, 32 when two workers are hired, 37 when three are hired, and 40 when four are hired. The farmer's product sells for $5 per unit, and the wage rate is $13 per worker. How many workers should Chris Freeland the farmer hire? Multiple Choice   3   2   4   1   7.

Suppose Kara maximizes her profits by hiring workers to produce hand-made soaps. Her soaps sell for $1 each. How should Kara decide on how many workers she should hire? a.Hire workers up to the point when the price of her soaps starts to fall from $1 b.Hire workers up to the point when the total product of all her workers is at its maximum c.Hire up to the point when the wage rate equals to the value of the marginal product of the last worker hired d.Hire up to the point when the marginal product of the last worker hired is equal to zero

On the following page, complete the labor demand table for a firm that is hiring labor competitively and selling its product in a purely competitive market. How many workers will the firm hire if the market wagerate is $11.95? $19.95? Explain why the firm will not hire a larger or smaller number of units of labor at each of these wage rates.

Q.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 are directly related.(b) the quantity of labour supplied and the price of labour used to produce output 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.

1. Espresso Yourself Coffee Shop hires workers in a competitive labor market to make coffee. The ingredients required to make each cup of coffee cost 50 cents. The coffee shop's hourly output of coffee varies with the number of workers hired, as shown in the table. Each cup of coffee sells for $2.00. Number of workers Coffee (cups/hour) 0 0 1 25 2 45 3 60 4 70 5 75 The marginal product of the third worker is ________ than the marginal product of the second worker, implying that ________. greater; diminishing returns are absent less; diminishing returns are present neither greater nor less; the third worker will be hired less; the third worker will never be hired Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.

Part a. What is the marginal physical product(MPP) of the third unit of labor hired? Part b. What is the marginal revenue product(MRP) of the fourth unit of labor hired? Part c. If the labor market equilibrium wage(W*) were $9 per hour, how many workers would a firm wish to hire? Why?

12. *The following chart provides information on a firm that hires labor competitively and sells its product in a competitive market. UNITS OF TOTAL MARGINAL PRODUCT TOTAL LABOR OUTPUT PRODUCT PRICE REVENUE MRP 1 14 $5 2345 2 26 - $5 37 $5 46 $5 53 $5 6 58 $5 a. Fill in the missing columns. b. How many units of labor would be employed if the market wage rate were $40? Why? c. What would happen to employment if the wage rate rose to $50? Explain.

Q.1.19 Which of the following will NOT shift the market supply of labour curve? (a) A change in the wages of the labourers.(b) A change in migration.(c) A change in the size of the population due to a change in birth or death rates.(d) Trade union action. Q.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 are directly related.(b) the quantity of labour supplied and the price of labour used to produce output 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.