Consider two hypothetical states that operate under different laws governing labor unions. The following graph shows the labor market in a state in the West. Initially, the market-clearing wage in this state is $8.00 per hour. Now, suppose that the General Assembly in this western state passes a law that makes it easier for workers to join a union. Through collective bargaining, the union negotiates an hourly wage of $10.00. Use the graph input tool to help you answer the following questions. You will not be graded on any changes you make to this graph.

The human resource manager of the Culinary Chameleon makes the following claim: “Our workers make an average of $400 per week. We produce $4500 worth of output each week using only 10 workers. That averages out to $450 per worker per week. We should therefore hire more people as long as the wage is $400 per week." Assess this claim - is the reasoning solid or do you disagree? 2.

The following data give the hourly wage rates (Rands) for a sample of 20 workers selected from a largecompany.12.50 9.45 13.85 7.25 8.70 14.60 11.75 14.50 10.80 12.457.50 15.90 9.75 11.50 13.30 6.25 15.50 12.80 5.35 9.50 (vi) Draw an OGIVE curve corresponding to the data and use it to estimate the median.

How many employees should Martin's farm employ? How many employees should Martin's farm employ if the price he received per gallon of milk rose to $2.50?

Consider a small, remote town with only one employer - a pulp and paper mill. Suppose there are currently 600 workers, each of whom is paid $5000 per month. In order to attract one additional worker, the employer must increase all workers' wage to $5100 per month. What is the marginal cost to the firm of hiring the additional worker? Show transcribed image text . Consider a small, remote town with only one employer - a pulp and paper mill. Suppose there are currently 600 workers, each of whom is paid $5000 per month. In order to attract one additional worker, the employer must increase all workers' wage to $5100 per month. What is the marginal cost to the firm of hiring the additional worker?

ECON 122: Short Writing Assignment #3 Suppose there are two different labor markets, A and B, each with identical demand for labor curves. If the Supply curves are also identical, draw a graph of each labor market in the space below: Now, assume that Market A's working conditions - for some reason - become much harsher than that for Market B (perhaps they are more dangerous or unhealthy). Illustrate how this development would impact your graph(s) above. What impact would this have on the wages in Market A relative to Market B? How about on total employment in each market? Why?

Consider the Labor Economics Question.  This will provide insight into the idea of the optimal number of workers and the value of the marginal product of labor.   If wages in the restaurant is $20.00 per hour and the price of a Hamburger is $8.00 and the production function for the workers is:     Q = 11L – 0.25L^2     a. How many workers should Your Restaurant employ during the lunch hour to maximize profits?  1 Point   (note—the value of the marginal product of labor and the marginal   revenue product are the same)     We maximize profits which are total revenues less total costs: b. Compute the maximum profit at Your Restaurant.  (note—consider that profit involves Total Revenue and Total Costs).  1 Point c. Compute the profit created if You hire an additional  worker. Explain why it is or is not profit maximizing to hire an additional worker.    The idea of this question is to recognize that we can find the profit maximizing quantity of labor– after that point, profit begins to…

Consider the Labor Economics Question.  This will provide insight into the idea of the optimal number of workers and the value of the marginal product of labor.   If wages in the restaurant is $16.80 per hour and the price of a Hamburger is $8.30 and the production function for the workers is:   Q = 11L – 0.25L2 How many workers should Your Restaurant employ during the lunch hour to maximize profits?  1 Point   (note—the value of the marginal product of labor and the marginal   revenue product are the same)     We maximize profits which are total revenues less total costs:

Consider a simple demand-and-supply model of a competitive labour market in a small town. The demand and supply curves for labour are given by Demand: w= 22 - 3LD Supply: w=4+3LS where w is the wage ($ per hour) and L is the number of hours of employment (measured in thousands of hours per month). a. Use the line drawing tool to plot the demand and supply curves in the graph at the right. Use points with labour hours value of 0 and 5 to draw the lines. Label the lines properly. Carefully follow the instructions above, and only draw the required objects. C Wage ($ per hour) 24- 22- 20- 18- 16- 14- 12- 10- 8- 6- 4- 2- 0- 0 Labour Market 2 3 4 1 Labour (thousands of hours per month) + 5

Assume that the marginal cost of hiring additional labor (MCL), the market supply of labor (SL), and the market demand for labor (DL) are determined by the following equations, where w refers to wage and L refers to labor:   MCL: w=2+7L   SL: w=2+5L   DL: w=42−3L   Determine how many workers stay unemployed under a monopsony as compared with a perfectly competitive market, assuming firms want to maximize profits in both situations. Write the exact