b. Use the figure below to explain the impacts of a earning that is below the equilibrium earnings of$40,000 will have on the Alaskan Labor Market and Construction of the Oil Pipeline?LaborEarnings20,00035,00050,000Labor market equilibrium point

Equilibrium refers to the point where demand is equal to the supply

Answered: b. Use the figure below to explain the…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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A firm's resource input, total output of labor, and product price schedules are given in the table. If labor is the only variable input, how much labor should the firm employ if the wage rate is $15 per day? Units of Labor Total Output/Day 20 30 2 3 4 5 6 7 * 3 units *4 units *5 units *6 units 38 46 54 62 Price of Good ($) $10 9 8 7 6 5
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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.
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Question 10 The equilibrium wage in a local labor market is $10 per hour. If a minimum wage of $15 per hour is imposed, which of the following will occur? O There will be a decrease in the quantity of labor supplied by households. O There will be an increase in the quantity of labor demanded by firms. O There will be an increase in unemployment. O All of the above will occur.
1
Only type writing allow....don't use pepar work .....
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b. Use the figure below to explain the impacts of a earning that is below the equilibrium earnings of $40,000 will have on the Alaskan Labor Market and Construction of the Oil Pipeline? Labor Earnings 20,000 X 35,000 50,000 Labor market equilibrium point