Question 1: Labor Demand The table below represents information on hourly output and revenue for a firm in a perfectly competitive market where the L represents worker. Labor Demand table P TR MR MP MRP L 0 0 1 12 2 30 120 3 24 24 4 40 40 160 168 5 9 43 172 1. Complete the table 7 8 2. Using the data from the table, if the MRC (wage) is $16 per hour, how many laborers would be employed? Draw the MRC and MRP graph for this question and show the employed point 3. If MRC (wage) were to increase to $26 per hour, how many laborers would be employed?

The following shows a perfectly competitive baseball producer's value of marginal product. If the firm decides to hire 3 workers, what must be the wage rate? Assume that the labor market is perfectly competitive. Each baseball is sold for $3.00. Select an answer and submit. For keyboard navigation, use the up/down arrow keys to select an answer. a Q11 Homework Antwered Due Today, 11:59 PM b C The market wage is $80.00. The market wage is $240.00 The market wage is $720.00. None of the above. Le 300 320 200 340 200 140 120 10 40 2 THP $ O

Wt NS N₂ Figure 1: Labor Supply Curve 3. Figure 1 (above) shows a theoretical labor supply curve. For wages below w, what is true about labor supply? (a) Labor supply is increasing with the wage (b) The income effect relatively dominates the substitution effect with respect to the wage (c) The substitution effect relatively dominates the wealth effect with respect to the wage (d) Labor supply is perfectly inelastic (e) Labor supply is perfectly elastic

Refer to the following table Labor Output Price 0 0   1 16 $7 2 31 $7 3 45 $7 4 58 $7 5 69 $7 6 78 $7 Assume that the labor market is perfectly competitive. Suppose the price of the good is $7. If the wage rate is $65, the firm will achieve maximum profit by hiring ________ workers. Choose correct answer: a. 5   b. 6   c. 4   d. 3

Consider the following labor supply and demand curves. For each of the following situations, show and explain what would happen to the labor market. a) The firm finds a new market for their output. Wage WE S Quantity

Look at the diagram below. Let's assume that aggregate demand declines and a recession occurs, which causes a decrease in the demand for labor. Assuming prices, wages and salaries are sticky, then what is the total excess labor? Salary $45,000 $25,000 5000 11000 19000 Labor S D₁ Do

Please give me answer with detail explanation

Problem 08-02 algo Refer to the figure to answer two questions. Marginal Revenue Product(per hour) $22 $20 $18 $16 $14 $12 $10 $8 $6 $4 $2 2 worker(s) MRP b. $10 an hour? 4 worker(s) 6 Quantity of Labor(workers per hour) 8 According to the figure, how many workers would be hired if the prevailing wage were Instructions: Enter your responses as a whole number. a. $14 an hour? 10 12 14

Read the "Clear it Up: Do Profit Maximizing Employers Exploit Labor" Do Profit Maximizing Employers Exploit Labor? (Source: OER)  If you look back at the labor dynamics of supply and demand, you will see that only the firm pays the last worker it hires what they’re worth to the firm. Every other worker brings in more revenue than the firm pays him or her. This has sometimes led to the claim that employers exploit workers because they do not pay workers what they are worth. Let’s think about this claim. The first worker is worth $x to the firm, and the second worker is worth $y, but why are they worth that much? It is because of the capital and technology with which they work. The difference between workers’ worth and their compensation goes to pay for the capital, technology, without which the workers wouldn’t have a job. The difference also goes to the employer’s profit, without which the firm would close and workers wouldn’t have a job. The firm may be earning excessive profits,…

labor Q per day MPP MRP 0 0 ---- ---- 1 40     2 68     3 89     4 108     5 123       A) calculate table. The price of the product price is $6.  B) Refer to table above. If the wage is $120 per day, this firm should hire __ and produce ____ per day.