As the __________ substitute for low-skill labor becomes available, the demand curve for low-skill labor will shift to the left.     high-skill labor     lower wage     technology     market

Describe the construction of the firm’s demand curve for labour in the short run.Describe the relationship between the firm's demand curve for labour in the short-run andthe market demand curve for labour in the short-run. In particular, is one curve likely to bemore or less elastic than the other? Explain your answer.

Ideal Employment Market 120 100 80 60 40 20 1357 9 11 13 15 17 19 21 23 25 27 29 31 33 35 37 39 41 43 45 47 49 51 53 55 Supply of Labor Demand for Unskiled Labor Demand for Low-skilled Labor Demand for High-skiled Labor Unskilled workers would work eleven hours a week and get paid $6 an hour. Low-skilled workers would work nineteen hours a week and get paid $18.50 an hour. High-skilled workers would work forty-one hours a week and get paid $40 an hour. These numbers are hypothetical, but they are plausible based upon current trends. Since 1985, less skilled workers, judging by their level of education, have been working fewer hours than in the past, while highly skilled workers, again judging by their level of education, work approximately the same number of hours as they did fifty years ago (Aguiar and Hurst 2007). Unskilled workers cannot work as Click Save and Submit to save and submit. Click Save All Answers to save all answers. Unskilled workers would work eleven hours a week and…

Describe the construction of the firm’s demand curve for labour in the short run. Describe the relationship between the firm's demand curve for labour in the short-run and the market demand curve for labour in the short-run. In particular, is one curve likely to be more or less elastic than the other?     Can you please specify why the curve is more elastic than the other.   And include diagram

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

Consider a perfectly competitive labour market that is initially in equilibrium. The country within which this labour market is located has not previously accepted immigrants, but is now considering whether or not to change this policy and start accepting immigrants. One of the key ideas being considered is the impact that immigrants will have on the equilibrium wage earned by local workers in the aforementioned labour market. The country's Prime Minister has asked you to provide them with advice on the matter. a) First, the Prime Minister would like to better understand the reasons why the introduction of immigrants into their country might result in a lower equilibrium wage in the aforementioned perfectly competitive labour market. Describe the general logic as to how the introduction of immigrants into a perfectly competitive labour market might result in a lower equilibrium wage. b) Next, the Prime Minister would like to better understand the reasons why the introduction of…

In a competitive labor market, employers will not pay less than the market wage because at a wage below the equilibrium A) the equilibrium wage would rise B) they would not be able to hire anyone C) there would be a surplus of workers D) they would be inundated with excess workers

WAGE RATE Assume that the accounting and actuarial industries employ people with similar skills. Suppose an increase in the demand for actuaries leads to a rise in their wages, while the demand for accountants remains the same. The following graph shows the labor market for accountants in the United States. Show the effect of the rise in demand for actuaries on the U.S. labor market for accountants by shifting the labor demand curve, the labor supply curve, or both. Note: Select and drag one or both of the curves to the desired position. Curves will snap into position, so if you try to move a curve and it snaps back to its original position, just drag it a little farther. QUANTITY OF LABOR о Supply Demand Demand Supply As a result, the wage rate for U.S. accountants and the level of employment ?

Suppose the hourly wage rate is $14, the rental price of capital is $2 and the price of output is constant at $42 per unit. Firm's production technology is q = 4K0.25 0.75, the marginal product of employment is MPE =3K0.25E-0.25 and the marginal product of capital is MPK = K™ 0.75 0.75. What is firm's optimal demand of labor if firm plans to produce q=19 units of outputs in the long-run? (please keep 1 decimal place in your answer)

Consider the fast food industry in the United States. Research existing estimates of the demand for fast food, the labor share for fast food, and the elasticity of substitution between capital and labor in the fast food industry. Based on the estimates in the literature, what is a plausible range of values for the elasticity of labor demand for the fast food industry? Thanks!