A firms labor demand and labor supply equations are shown below. Labor demand equation: Ld = 40- 2(w) %3D Labor supply equation: Ls = 20 + 3(w), where w is the wage per hour worked. Instructions: Round your answers to the nearest whole number. a. The equilibrium wage is $_ -_ and the equilibrium quantity of labor employed is___--- people.

Consider the following labor supply and demand curves. For each of the following situations, show and explain what would happen to the labor market. a) The firm finds a new market for their output. Wage WE S Quantity

11. Describe what happens to quantity of labor supplied when wages are at the equilibrium level, above equilibrium, and below equilibrium.

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

You own a farm, you hire labor and capital to produce apples. The marginal product of the last unit of labor input is 15 and the marginal product of the last unit of capital input is 45. The market wage for labor is SB. If you are using the optimal combination of inputs, then the price of capital is? Select one: a. $45 Ob. $24 c. $360 Od. $3

Demand for Resources A small manufacturing company has the following daily relationship between labor and output: Units of Total Labor Product 1 2 21 3 35 52 61 65 61 7 If the firm sells into a perfectly competitive market and the equilibrium price is $3.25 per unit, compute the following: Marginal Units of Marginal Product Revenue Labor Product 1 2 3 5 7 How many workers will the firm hire is the market wage rate (includining benefits) is $30.00? Wł 3 How many workers will the firm hire is the market wage rate(includining benefits) is $20.00? 4 If the equilibrium price per unit of output dencreases, what would you expect to happen to the number of workers hired? If the firm sells in a imperfectly competitive market such that price per unit starts at $4.50 per ur declines by $0.10 per unit as more as sold, what do you think would happen to the number of labor units hired at $30.00 per unit? 5 2.

The table below shows levels of employment (Labor), the marginal product at each of those levels, and the price at which the firm can sell output in a perfectly competitive market. Labor Marginal Product of Labor Price of the Product Value of the Marginal Product 1 7 $3 6 $3 3 $3 4 4 $3 3 $3 a) Complete the table finding the Value of the Marginal Product (show your work!). b) If the wage rate is $15, what is the firm's profit maximizing level of employment? JUSTIFY your answer! 2.

Question 1: Labor Demand The table below represents information on hourly output and revenue for a firm in a perfectly competitive market where the L represents worker. Labor Demand table P TR MR MP MRP L 0 0 1 12 2 30 120 3 24 24 4 40 40 160 168 5 9 43 172 1. Complete the table 7 8 2. Using the data from the table, if the MRC (wage) is $16 per hour, how many laborers would be employed? Draw the MRC and MRP graph for this question and show the employed point 3. If MRC (wage) were to increase to $26 per hour, how many laborers would be employed?

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?

help please answer in text form with proper workings and explanation for each and every part and steps with concept and introduction no AI no copy paste remember answer must be in proper format with all working