Show the diagram or graph for the question of, Assume that the supply of low-skilled workers is fairly elastic, but the employers demand for such workers is fairly inelastic, is it better to focus on policy tools to shift the supply of unskilled labor or on tools to shift the demand for unskilled labor?

Show the diagram or graph for the question of, Assume that the supply of low-skilled workers is fairly elastic, but the employers demand for such workers is fairly inelastic, is it better to focus on policy tools to shift the supply of unskilled labor or on tools to shift the demand for unskilled labor?

Economics:

10th Edition

ISBN:9781285859460

Author:BOYES, William

Publisher:BOYES, William

Chapter29: Resource Markets

Section: Chapter Questions

Problem 14E

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Define "the wage elasticity of supply" and derive an equation to describe the correlation between this elasticity and a labor supply curve. Then determine whether the following statement is true or false: "If women's labor supply in an economy is more elastic than that of men, it would be easier for firms to induce women workers to accept jobs." Explain your answer in words and show it in diagrams.
Provide a briefly explanation for the determination of wage. Support your explanation with and appropriate diagram. The demand curve for gardeners is GD = 19 – W, where G = the number of gardeners, and W = the hourly wage. The supply curve is GS = 14 + 2W a.Graph the demand curve and the supply curve. What is the equilibrium wage and equilibrium number of gardeners hired?b.Suppose the town government imposes a $2 per hour tax on all gardeners. Indicate the effect of the tax on the market for gardeners. What is the effect on the equilibrium wage and the equilibrium number of gardeners hired?
Some unions limit the no. of union members and require employers to hire union members only, referred to as “closed shop”. Suppose a closed shop union limits membership to Lu and lets the firm determine the wages. Illustrate the equilibrium wage and quantity of labor using a diagram with the demand and supply curve for labor, given that the supply of labor of union workers is completely fixed at Lu. It was observed that there is a waiting list for union membership. Why?
Assume that the market for unskilled workers is perfectly competitive and that the demand for unskilled workers is relatively elastic. The government imposes a minimum wage in this market. Using a correctly labeled graph, show the following. a. The market wage rate paid to hired unskilled workers. b. The number of unskilled workers hired. c. The number of unskilled workers still looking for employment. Assume that unskilled workers are the primary source of labor in the agricultural industry, strawberries. Use a correctly labeled graph of the strawberry market to explain how the minimum wage law will affect the market for strawberries and identify the following. d. The price of strawberries. e. The quantity of strawberries.
The Geneva Watch Corporation manufactures watches on a conveyor belt with six stations. One worker stands at each station and performs the following tasks:Workers get paid $10 per hour. You can ignore any idle time of workers resulting from the beginning or the end of the day. a. What is the labor content? b. Assume a demand rate of 50 watches per hour. What is the takt time? c. Assume a demand rate of 50 watches per hour. What is the target manpower? d. An external supplier suggests shipping the battery module with preinstalled batteries, thereby eliminating the need for step 10. How would that impact process capacity? e. How could you increase the capacity of the process by rebalancing it?
Suppose a firm purchases labour in a competitive labour market and sells its product in a competitive product market. The firm’s elasticity of demand for labour is 0.4. Suppose further that the wage increases by 5 percent. What will happen to the amount of labour hired by the firm?
Suppose a firm purchases labor in a competitive labor market and sells its product in a competitive product market. The firm’s elasticity of demand for labor is -0.4. Suppose the wage increases by 5 percent. What will happen to the number of workers hired by the firm? What will happen to the marginal productivity of the last worker hired by the firm?
Explain and discuss the relationship between the elasticity of demand for the product and the elasticity of demand for the labor that produces the product. Based on your explanation question 1 above, discuss how that relationship between the elasticity of demand for products and labor would affect your job searching strategy in the future. Explain how the relationship between elasticity of demand for the product and labor would affect your major or specialization while you are studying at a higher education institution.
The demand curve for gardeners is GD = 19 – W, where G = the number of gardeners, and W = the hourly wage. The supply curve is GS = 14 + 2W. Graph the demand curve and the supply curve. What is the equilibrium wage and equilibrium number of gardeners hired?
Need some assistance with question. Explain and discuss the relationship between the elasticity of demand for the product and the elasticity of demand for the labor that produces the product. Based on your explanation question 1 above, discuss how that relationship between the elasticity of demand for products and labor would affect your job searching strategy in the future. Explain how the relationship between elasticity of demand for the product and labor would affect your major or specialization while you are studying at a higher education institution.
The market for Pepsi is in equilibrium. The workers at Pepsi get a new union contract that doubles their pay. Draw a Supply and Demand graph, properly labeled, and show the initial situation and the situation after the new information is released on the same graph with arrows showing the direction of any change. Clearly state the impact on price and quantity.
1. Computing labor productivity and its relationship to the demandfor labor Sizzler's produces charcoal grills in a small manufacturing facility and sells the grills in a competitive market. The following table presents the company's production function: Labor (Number of workers) 0 OUTPUT (Grills) 400 360 320 280 Use the blue points (circle symbol) to plot the production function for Sizzler's on the following graph. 240 200 160 120 80 40 0 1 0 2 3 4 5 1 Output (Grills) 0 95 185 260 320 355 2 3 LABOR (Number of workers) 4 5 Production Function (?) Calculate the marginal product of labor (MPL) of each worker, and then plot the MPL curve on the following graph using the blue points (circle symbol).