(Figure: Labor Union Wages I) The figure represents a labor union with wage in dollars and quantity of labor in hundreds of hours. Wage 200 ($) 180 160 140 120 100 80 60 40- 20 0 MR MC LD 10 20 30 40 50 60 70 80 Quantity of labor If the labor union chooses to maximize profit, how many workers will it supply? 0 2,750 4,000 8,000 5,000

(Figure: Labor Union Wages I) The figure represents a labor union with wage in dollars and quantity of labor in hundreds of hours. Wage 200 ($) 180 160 140 120 100 80 60 40- 20 0 MR MC LD 10 20 30 40 50 60 70 80 Quantity of labor If the labor union chooses to maximize profit, how many workers will it supply? 0 2,750 4,000 8,000 5,000

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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6. Under certain circumstances, it is possible for unions to better their interests by affecting or altering the union constraint in a direct or indirect manner. Could you recommend a strategy that may work for this goal, based on your microeconomics knowledge? How can unions put your strategy to work? Demonstrate the effect of your strategy in a diagram.
Quantity of Labor Supplied Wage Total Cost of Labor Marginal Cost of Labor Marginal Revenue Product 50 $10 $500 $10 $30 100 $12 $1200 X $25 150 $15 $2250 $21 $21 200 $18 $3600 $27 $18 250 $20 $5000 $28 $15 Use the labor market data for a monopsony employer above. Solve for the missing value X. Question 9 options: $12 $14 $25 $700
a)10 b)18 c)8 d)17
47. What will happen to employment if the government sets a minimum wage at $140? (a) Employment will decrease to 15. (b) Employment will increase to 25. (c) It will have no impact on employment (d) None of the above
Number of Workers 0 1 2 3 4 5 Output Select one: O a. $400. O b. $200. O c. $100. d. $500. 0 100 280 Marginal Product of Labor 80 60 20 Value of Marginal Product of Labor $1,000 $800 $400 Wage $500 $500 $500 $500 $500 Marginal Profit $500 $100 Refer to the table above. To maximize its profit, the firm will hire workers as long as the value of the marginal product of labour equals or exceeds
19. (Use this information to answer qustion 19 - 23) Suppose there is one firm solving the following profit maximization problem. Note that the output price is normalized as 1. max AL¹-a {L} wL where A = 2 and a = 0.6. How much is the aggregate labor demand when the wage is 1? (a) 0.242 (b) 0.435 (c) 0.689 (d) 0.923
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12. Which of the following is NOT a way for employees to become unionized? Select one: a. Nonunion employees may organize a union b. Employees covered by a collective bargaining agreement may decide to join the union c. Unionized employees may organize a union d. New employees may be required to join a union
12
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M11
For a corripetitive firm workers marginal revenue product equals the marginal product of labor times the: wage rate. wage rate. price of the firm's product interest rate firm's total revenue