The graph below shows the market for labor (coal miners). New coal-mining equipment is invented that is cheap and requires fewer workers to run. Demonstrate the effect this equipment has on the demand for coal miners. Provide your answer below: Wage Supply New Equilibrium Original Equilibrium Demand Quantity of Coal Miners

Suppose that a firm is producing in the short run with output given by: Q = 55L-L² The firm hires labor at a wage of $45 per hour and sells the good in a competitive market at P = $14 per unit. Find the firm's optimal use of labor. Enter as a value. ROUND TO THE NEAREST WHOLE NUMBER.

Please answer with work on how to complete this problem.

Candice’s’ Cookies is a new cookie delivery company in Gainesville, Florida. The firm hires local college students to sell cookies door-to-door in higher income neighborhoods. Each of these “Sales Associates” sells cookies, which increases Candice’s Cookies’ total revenue, but must be paid an hourly wage. The graph below depicts Candice’s Cookies’ demand for labor curve when the retail price of a cookie is $2.   Show Transcribed Text Part (i): Suppose that the retail price of a cookie is $2.50. What is the marginal product of the 4th Sales Associate? 1 cookie 2 cookies 3 cookies 4 cookies 5 cookies   Part (ii): Suppose that the retail price of a cookie is $2.50. What is the marginal product of the 6th Sales Associate? 1 cookie 2 cookies 3 cookies 4 cookies 5 cookies   Part (iii): Suppose that the retail price of a cookie is $2. What is the marginal product of the 8th Sales Associate? 1 cookie 2 cookies 3 cookies 4 cookies 5 cookies

The labor supply curve: Multiple Choice shows the number of firms that are willing and able to hire workers at each given wage. is made up of firms who want to hire workers at each given wage. shows that the number of firms that want to hire workers decreases as the wage increases. is made up of workers who want to work for firms at each given wage. In 2017, the city of Seattle passed legislation implementing a $15 per hour minimum wage. Critics of the plan argued that this legislation would increase: Multiple Choice cyclical unemployment. structural unemployment. frictional unemployment. real-wage unemployment.

Economic theory suggests that an increase in the minimum wage will prompt firms to hire fewer low skill workers. true or false

In a competitive labor market, employers will not pay less than the market wage because at a wage below the equilibrium A) the equilibrium wage would rise B) they would not be able to hire anyone C) there would be a surplus of workers D) they would be inundated with excess workers

Suppose the supply curve of lab assistants is given by w = 8 + 6E, while the demand curve is given by w = 40 – 2E. (Assume is in 000s of persons and w is the annual salary in thousands of dollars). Calculate the equilibrium wage and employment level.

Q5 - Q9 are related to the labour market in Australia. The following graph represents this labour market, where the vertical axis is the wage per hour and the horizontal axis is the number of workers employed (in millions). P Supply 30 25 19.84 Demand 8 12 15 The current minimum wage in Australia is $19.84 per hour. This minimum wage is a [ Select ] price floor. Under this minimum wage, the market wage rate is equal to [ Select ] per-hour and the number of workers employed is equal to [ Select ] million.

The equilibrium wage rate in an industry is determined by a) whether workers or management are better at negotiating. b) finding where the market supply curve indicates that the substitution effect and income effect of a wage increase are offsetting. c) the strength of the substitution effect relative to the elasticity of demand for labor. d) the intersection of the market demand curve for labor and the market supply curve for labor.