Leisure Times, Inc., employs skilled workers and capital to install hot tubs. The capital includes the tools and equipment workers use to construct and install the tubs. The installation services are sold in a competitive market for $1,000 per hot tub. Leisure Times is able to hire workers for $3,500 per month, including the cost of wages, fringe benefits, and employment taxes. The increase in the number of hot tubs installed as additional workers are hired is indicated in the following table. Complete the third and fourth columns of the table by computing the marginal product as the number of employed workers changes and the marginal revenue product for each unit of labor when the competitive price for a hot tub is $1,000. Number of Workers Employed Number of Hot Tubs Installed Marginal Droduct Marginal Revenue Product (Hot Tub Installation Price $1.000) Marginal Revenue Product (Hot Tub Installation Price $1,400)

From 2016 to 2026, the U.S. Bureau of Labor Statistics expects that there will be a fall in demand for Multiple Choice occupational therapy assistants. commercial drivers. physical therapists. Saved word processors and typists.

Suppose the supply of apple pickers in Southwest Michigan can be expressed by the equation Qs=2/15(W-10) . An apple farmer advertises a wage of $100 per day to pick apples; however, when the day of the harvest arrives the farmer tells those assembled at the orchard that only 10 pickers are needed, and, as more than 10 pickers showed up looking for work, the wage will fall to the equilibrium. How many pickers showed up to work the apple harvest? What is the equilibrium wage offered by the farmer? Graph the supply of and demand for labor at the orchard, indicating the equilibrium price. Calculate the pickers’ total producer surplus, including the surplus lost by the pickers who were available to work but were not hired.

Exercise 2. Suppose that Government is currently evaluating a project, which is going to hire native language teachers and requires in total 5000 hours of teaching. Let's denote the hour taught by native language teacher by letter L. Thus, the project's demand for teaching hours by native language teachers is described by the demand function La project = 5000. Suppose that the following is known about the current (pre-project) market for native language teachers: - there is no involuntary unemployment among the native language teachers - the Government does not apply any taxes or subsidies in this particular labour market; - the current (pre-project) demand for teaching hours by native language teachers is described by the demand function La = 30000 – 300Wa, where La denotes the quantity of teaching hours (by native language teachers) demanded and Wa denotes the demander price per teaching hour; - the current (pre-project) supply of teaching hours by native language teachers is given…

Rubber for erasers is produced in the market. There are equations for the Supply and Inverse Demand of eraser rubber that model its Supply and Demand graph. These equations are (for supply), P = 20 + Qs, and (for Inverse Demand), P = 80 - Qd. With that said, the government realizes that it is not turning out enough revenue from the market. As a result, it places a per-unit sales tax of $10.  (Part I) Draw the market equilibrium with the government intervention (Q**, PD**, and PS**) of the sales tax. Please label the graph for slopes, equilibrium points, sales tax, etc. (Part II) What is the market equilibrium without the intervention of the government? (Part III) The government once again realizes that the previous tax was not sufficient, and the government is still not making enough money. So, it increases the sales from $10 to $20. Consequently, what is the new market equilibrium point (Q**, PD**, and PS**) with this new intervention? It is not necessary to label this point on the…

nd 35. AVERAGE SUPPLY A manufacturer supplies S(p) = 0.5p² + 3p + 7 hundred units of a Sie per certain commodity to the market when the price is p dollars per unit. Find the average supply as the price varies from p = $2 to p = $5. 6 43. E