Yakov is a retired teacher living in Houston who works as a caddy to supplement their normal income. At an hourly wage rate of $40, they are willing to caddy 1 hours per week. Upping the wage to $65 per hour, they are willing to caddy 4 hours per week. Using the midpoint method, the elasticity of Yakov's labor supply between the wages of $40 and $65 per hour is approximately means that Yakov's supply of labor over this wage range is which

A company has 350 employees who work 120 hours a month each. Each worker earns $21 per hour. There is a profitable project the company would like to start, but it would require an additional 21,000 working hours within three months to be completed, and all the employees are fully loaded with other projects. The company does not want to hire new staff; they would like the project to be completed by the current workforce instead.Given that the wage elasticity of labor supply is 0.8, calculate the hourly wage the company should offer its employees to encourage them to work on the new project. Use the midpoint method and round to two decimal places throughout your calculations.

The current quantity demanded of hairdressers is 47,00047,000, and the average salary in the labor market is $27,000$⁢27,000 per year. Recently, several salons closed due to competition, which led to employers demanding only 36,00036,000 hairdressers.Assuming that when quantity demanded decreases by 1,1001,100 workers, the average salary will decrease by $500$⁢500, calculate the new salary in the labor market. Write the exact answer. Do not round.

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.

What is the significance of resource pricing?Explain how the factors determining resource demand differ from those determining product demand. Explain the meaning and significance of the fact that the demand for a resource is a derived demand. Why do resource demand curves slope downward? What factors determine the elasticity of resource demand? What effect will each of the following have on the elasticity or the location of the demand for resource C, which is being used to produce commodity X? Where there is any uncertainty as to the outcome, specify the causes of that uncertainty.

What other complements and substitute can be added to the below demand function and explain why?lnQLG= f (lnPLG, lnPMIT, lnPELC, lnADV, lnTS)where,lnQLG shows the natural log of quantity demanded of LG, lnPLG is the natural log of price of LG, lnPMIT is the price of Mitsubishi, lnPELC is the price of household electricityLnADV is the log of advertisementlnTS shows the total sale of firm

Suppose the hourly wage rate is $14, the rental price of capital is $2 and the price of output is constant at $42 per unit. Firm's production technology is q = 4K0.25 0.75, the marginal product of employment is MPE =3K0.25E-0.25 and the marginal product of capital is MPK = K™ 0.75 0.75. What is firm's optimal demand of labor if firm plans to produce q=19 units of outputs in the long-run? (please keep 1 decimal place in your answer)

Leisure Times, Inc., employs skilled workers and capital to install hot tubs. The capital includes the tools and equipment workers use to construct and install the tubs. The installation services are sold in a competitive market for $1,000 per hot tub. Leisure Times is able to hire workers for $3,500 per month, including the cost of wages, fringe benefits, and employment taxes. The increase in the number of hot tubs installed as additional workers are hired is indicated in the following table. Complete the third and fourth columns of the table by computing the marginal product as the number of employed workers changes and the marginal revenue product for each unit of labor when the competitive price for a hot tub is $1,000. Number of Workers Employed 1 2 3 4 10 5 6 7 8 9 Number of Hot Tubs Installed 5 12 At this new wage, the firm should hire 18 23 27 30 32 33 34 Marginal Product If Leisure Times is able to hire workers for $3,500 per month, it should hire Suppose the wages of skilled…

Q8 In the Canadian labour market, demand for labour can be impacted by elasticity of the product in which  labour is an input. Suppose that the labour cost to total cost ratio in industry A (cannabis sector) is 14 percent, while in industry B (fertilizer sector)  it is 68 percent. Other things equal, labour demand will be Multiple Choice   more elastic in industry B than in A.   constant in both industries A and B.   relatively elastic in both industries A and B.   relatively inelastic in both industries A and B.   more elastic in industry A than in B.

Suppose the supply of apple pickers in Southwest Michigan can be expressed by the equation Qs=2/15(W-10) . An apple farmer advertises a wage of $100 per day to pick apples; however, when the day of the harvest arrives the farmer tells those assembled at the orchard that only 10 pickers are needed, and, as more than 10 pickers showed up looking for work, the wage will fall to the equilibrium. How many pickers showed up to work the apple harvest? What is the equilibrium wage offered by the farmer? Graph the supply of and demand for labor at the orchard, indicating the equilibrium price. Calculate the pickers’ total producer surplus, including the surplus lost by the pickers who were available to work but were not hired.