A firm’s technology requires it to combine 5 person-hours of labor with 3 machinehours to produce 1 unit of output. The firm has 15 machines in place and the wage rate rises from $10 per hour to $20 per hour. What is the firm’s short-run elasticity of labor demand?

Complete the following table with the profit-maximizing quantity of labor each salon will hire, along with the wage it will pay for each hour of labor. Labor Wage Town 1 Town 2 In Town 1, the salon pays a wage that is wage is the marginal value product of the final unit of labor hired, whereas in Town 2, the the marginal value product of the final unit of labor hired. The outcome in with respect to changes in the wage. is farther from that of a competitive market, given that the supply of labor is elastic (at the market equilibrium)

1. The market price for tomatoes is $2/pound. Lynn is too small to influence the price of tomatoes. Her tomato (short-run) production function is given by q= L3 where L measures hours of labor and q measures pounds of tómatoes. (a) demand curve for labor. Lynn hires labor from a competitive labor market. Find her short run (b) elastic than her short-run demand for labor? Explain your answer. Would you expect Lynn's long-run demand for labor to be more or less

Explain the relationship between the own-wage elasticity of labor demand and output demand elasticity. labour costs as a share of total costs of production.

1. Suppose a short-run production function is described as Q40L 0.04L2 where L is the number of labors used each hour.

Show full answers and steps to part d) e) & f)

If the marginal product of labor is 50 per day, and if the market is $4.50, calculate the marginal revenue product.

Consider a profit-maximizing cotton candy firm that operates in a perfectly competitive output and labor market. Suppose there is a decrease in the price of good X, and the cross-price elasticity of demand for cotton candy with respect to good X is positive. How does this impact: a. the wage paid to cotton candy workers b. the amount of labor hired by the cotton candy firm? Explain and show using well-labelled graphs.

One of these four answers could cause the demand curve for labor to shift to the right. Which one? Group of answer choices a decrease in the firm's product price an increase in demand for the firm's product a decrease in labor productivity an increase in the wage rate

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