What is the opportunity cost associated with doing your homework and earning your degree? What have you sacrificed and what long-term gain is expected? How do these factors play into labor supply and demand, or what terminology is used in
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- Discuss labor supply and demand. Besides training and education, what are some of the things that have a significant impact on the supply and demand of labor? Explain why you believe they have such an impact. What other factors can directly influence the labor market?What is a real life example of what is happening at the 'cross' of the 'X', or where the labor demand and labor supply curves intersect. Trying to understand this more clearly with a real example.Explain the meaning and significance of the fact that the demand for labor is a derived demand. Why do labor demand curves slope downward?
- You are given a scenario where this a change in a factor of production or a change in demand for an item. You need to explain in sentence form how this would change demand for labor. You develop a popular video game and continue to develop new versions to keep people interested in the game.discussing factors of production. How would you determine the demand for a factor of production? What factors influence the supply and demand for labor? Examine how those factors impact market demand for labor. How do labor unions try to increase the demand for labor? What has made labor unions such an integral part of the workforce?If an individual labor supply curve bends backward at some high wage, so does the market labor supply curve. True or False?
- Your enterprising uncle opens a sandwich shop that employs 7 people. The employees are paid $6 per hour, and a sandwich sells for $3. If your uncle is maximizing his profit, what is the value of the marginal product of the last worker he hired? What is that worker's marginal product?For each of the following determine the impact on the demand or the supply of labor and the effect on the equilibrium wage and quantity of labor employed. a. An increase in the price of capital. b. A union is formed which uses collective bargaining to obtain higher wages for its members. c. The marginal productivity of workers rises. d. People desire leisure more than ever before (e.g. it is Christmas Day). e. The wages offered in other labor markets requiring similar skills are now offering substantially higher wages. f. The fringe (non-monetary) benefits offered in this market have increased substantially. g. The government has just adopted an "open-door' immigration policy?What is the difference between and Accounting Profit and an Economic Profit? How does Technology affect the Demand for Labor?
- what are the four broad categories of labor in order from lowest to highest paying?Why does a fall in price of capital leads to increase in demand for labor?Explain how changes in technology affect and change the demand for labor. Distinguish between situations in which a particular type of technological change increases the demand for a particular type of labor and those in which it decreases the demand for a particular type of labor.