One of these four answers could cause the demand curve for labor to shift to the right. Which one? Group of answer choices a decrease in the firm's product price an increase in demand for the firm's product a decrease in labor productivity an increase in the wage rate
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- Calculate the size of the workforce needed for the companyto meet average weekly demand.Which would decrease the demand for a particular type of labor? An increase in the prices of the resources that are complements to that type of labor An increase in the wages of that type of labor X An increase in the demand for the products produced by that type of labor A decrease in the prices of those resources that are complements for that type of laborConsider this graph represents McDonald's demand for labor. Choose the 2 scenarios that would shift the demand for labor from D1 to D3. Group of answer choices McDonalds buys a machine that can do the work of 5 human employees. (Long Run) Breaking News: All McDonald's food contains traces of rat poison. People decide to eat less. The Travis Scott meal is heavily promoted on social media increasing people's desire to eat at McDonalds more often. McDonalds buys a machine that can do the work of 5 human employees. (Short Run)
- If there is diminishing marginal utility, and the price of labor goes up, you supply more labor. True of False and explain your choiceCompleted 0 out of 30 Resources Submit Question 24 of 30 What is the elasticity of demand for labor? A measure of how upset your boss is when his employees ask for more money. O A measure of how responsive firms' supply of labor is to changes in the wage rate. A measure of the extra revenue earned by the firm resulting from hiring one more unit of labor. A measure of how much firms' profits are affected by changes to wages. A measure of how sensitive the amount of labor firms will hire is to changes in the wage rate. A measure of the sensitivity of wage rates to the unemployment rate. Suppose you discover that your boss has a demand for labor that is very elastic. What does this imply in terms of y requesting a raise? Your boss may likely eliminate some positions (fire some people) if wages rise. Your boss will maintain the exact same labor force (not fire or hire anyone) if wages rise. Your boss is a flexible and undertanding person, so he or she is likely to accomodate any request…Question What will be the demand of inputs when the input price depends on the demand
- If the demand for soccer tickets increases, why would an economist expect the salaries of soccer players to increase? because of the reduction in the supply of world-class soccer players because of the demand for an input being a derived demand because of the change in the opportunity cost of building new stadiums because of the principle of diminishing marginal productA small specialty cookie company, whose only variable input is labor, finds that the average worker can produce 100 cookies per day, the cost of the average worker is $32 per day, and the price of a cookie is $1.00. Is the firm maximizing profit? The firm A. is not maximizing profit because the marginal revenue product of labor is greater than the wage. B. is not maximizing profit because the marginal revenue product of labor is less than the wage. C. is maximizing profit because the marginal product of labor is greater than the wage. D. is not maximizing profit because the price of the output is not equal to the wage. E. is not maximizing profit because the marginal product of labor is greater than the wage.Which of the following determines the firm's demand curve for labor? a.The size of the labor force b.The marginal product of labor c.The total product of labor d.The average product of labor
- Amanda owns a small bakery in the perfectly competitive pastry industry. She is considering whether to hire an additional pastry chef. The wage rate for pastry chefs is $1,000 per week; the marginal product of an additional pastry chef is 1,000 pastries per week; and the unit price of pastries is $1.25. Amanda should: O hire the additional pastry chef. not hire the additional pastry chef. raise the price of the pastries. O Not enough information is given to answer the question.Consider the market for labor depicted by the demand and supply curves that follow. Use the calculator to help you answer the following questions. You will not be graded on any changes you make to the calculator. Graph Input Tool Market for Labor 24 I Wage (Dollars per hour) 21 Supply 3.00 Labor Supplied (Thousands of workers) 18 Labor Demanded (Thousands of workers) 1,050 150 15 12 Demand 3 150 300 450 600 750 900 1050 1200 LABOR (Thousands of workers) Complete the following table with the quantity of labor supplied and demanded if the wage is set at $15.00. Then indicate whether this wage will result in a shortage or a surplus. Hint: Be sure to pay attention to the units used on the graph and in the table. For example, type in 100 for 100,000 workers. Labor Demanded Labor Supplied Wage (Thousands of workers) (Thousands of workers) Shortage or Surplus? $15.00 Suppose a senator considers introducing a bill to legislate a minimum hourly wage of $15.00. Which of the following statements…At an output level of 99, what is the cost minimizing combination of Labor and Kapital? At an output level of level of 154, what is the cost minimizing level of Labor and Kapital If the price of the product is $2.00, what is the profit maximizing combination of Labor and Kapital? What is the total profit?
