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- A very cold winter in France wiped out most of the crop of Pinot Noir grapes in Burgundy, France. Plot the equilibrium point A new labor agreement with their workers' union has increased wages and raised wine producers' marginal cost of producing Pinot Noir. Plot the new equilibrium point. Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.In the midst of a multitude of facts, data, and statistics, what fundamental economic models and analytic methods can managers employ to make sense of how market forces affect opportunities and constraints? What category that affects business managers within the retal industry? Explain. Supply and demandCostProfitsFirm organizationMarket organization; and/orPrice determinationThomas Robert Malthus is an important figure in classical economic thought, but his ideas were rather controversial. Elaborate on the Poor Laws and the Corn Laws as the historical setting that influenced his ideas by comparing Malthus' perspective to Godwin's and Condorcet's. Discuss further his Theory of Market Gluts and the policy implications of this theory.
- On the following graph, use the green line (triangle symbol) to show the effect this employer mandate has on the demand for labor. (?) 20 Demand Supply New Demand New Supply + Equilibrium Before Law Equilibrium After Law A 0 10 Quantity of Labor (Thousands) Topic 6 Homework (Custom) Suppose employees place a value on this benefit exactly equal to its cost. On the preceding graph, use the purple line (diamond symbol) to show the effect this employer mandate has on the supply of labor. Suppose the wage is free to balance supply and demand. Use the black point (plus symbol) to indicate the equilibrium wage and level of employment before this law, and use the grey point (star symbol) to indicate the equilibrium wage and level of employment after this law is implemented. True or False: Employers are made worse off but employees are made better off by this law. True False Suppose that, before the mandate, the wage in this market was $3 above the minimum wage. per hour, which will lead to in…(b) Identify the profit-maximizing wage rate that Molly's Motorcycles will pay its mechanics. Explain using the labeling on the graph.Suppose the local economy experiences an influx of both skilled and unskilled workers, what will happen to prices of goods and services? Group of answer choices Since this increases the supply of labor, prices and wages both decrease. Since this increases the demand for labor, prices and wages both increase. Since this decreases the supply of labor, prices and wages both decrease. Since this increases the marginal product of labor, prices and wages both decrease. A worker on a Texas oil rig is likely to earn _______ than a reception because _________. Group of answer choices less; the job has unattractive characteristics. more; the job is more fun. more; the job is more prestigious. more; the job is more dangerous. please answer two questions
- 1) Under what type of labor market can a minimum wage law increase (or in a special case ever maximize) social welfare (i.e. consumer surplus and producer surplus)? How would this policy relate to shifting the balance of bargaining power between worker(s) and employer(s) in this scenario? venQuestion Three Assume that the labour market is characterized by monopsony power. Illustrate and explain how the government can maximize employment levels by imposing a minimum wage. The marginal revenue product of labor at the local sawmill is MRPL = 20 - 0.5L, where L = the number of workers. If the wage of sawmill workers is K10 per hour, then how many workers will the mill hire? What factors that determine demand for labour by the firm? Who are the main actors in the labour markets? What are their roles?The table below shows the quantity demanded and supplied at various wage rates for a competitive market. Wage Rate Quantity of Workers Demanded Quantity of Workers Supplied $100 5 50 90 10 45 80 20 40 70 35 35 60 50 30 If the workers form a union and negotiate a weekly wage of $90, how many workers will be supplied and demanded? Multiple Choice The quantity demand will be 10 and the quantity supplied will be 35. The quantity demanded will be 10 and the quantity supplied will be 45. The quantity demand and supplied will both be 35. The quantity demanded will be 35 and the quantity supplied will be 45.
- A coal-mining company is the only employer in town, and faces this supply curve for labor 72 w=48+ L 2000 where w is the daily wage, in dollars, and L. is the number of workers employed. The company faces this demand curve for coal: P=60- 10 where p is the price of coal, per ton, and Q is the number of tons sold per day. Coalminers produce 8 tons of coal cach, per day, regardless of the number hired. The mining company maximizes profit. a) How many workers will be hired, and how much profit will be made? b) Suppose a union is formed, which sets a wage of $120 per day. At this wage, according to the supply curve given above, 2000 miners are willing to work, and the company is free to hire as many of these as it wants. How many will be hired, and how much profit will be made?Critics argue that unions are merely a type of cartel. When unions raise wages above the level that world prevail in competitive markets, they reduce the quantity of labour demanded, cause some workers to be unemployed, and reduce the wages in the rest of the economy. The resulting allocation of labour is both inefficient and inequitable. Outline the main arguments that favour the existence of union in an economy.Draw a wage setting curve, with the wage (S/hr) on the y-axis and the employment level on the x-axis. a. Suppose the market wage is $35/hr. Label this market wage on your graph of your wage setting curve, W1 = $35/hr. Label the corresponding level of market employment, E1. b. Draw a second graph of a firm with pricing power that uses labor in their production process. Assume their marginal cost of production is equal to the labor rate of $35/hr. Draw this firms demand curve, marginal revenue curve and marginal cost curve. (Any downward sloping demand curve and marginal revenue curve will do, as long as the y-intercept is above marginal cost (e.g., P = 100-10Q, MR = 100-20Q).) Label the firms profit maximizing level of price and quantity. c. Now, suppose a global pandemic reduces aggregate demand. How does this affect the demand curve the firm faces? How does this affect the production quantity, and labor demanded? Show this on your firm profit maximization graph. d. Assume employees…