Microeconomics (2nd Edition) (Pearson Series in Economics)
2nd Edition
ISBN: 9780134492049
Author: Daron Acemoglu, David Laibson, John List
Publisher: PEARSON
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Question
Chapter 11, Problem 9P
(a)
To determine
Which worker values leisure the most: Joe, Mandy or Jim.
(b)
To determine
Total labor supply at
(c)
To determine
Equilibrium wage when labor is fixed at
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The graph below depicts equilibrium in the labor market for yoga instructors.
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Chapter 11 Solutions
Microeconomics (2nd Edition) (Pearson Series in Economics)
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Similar questions
- Other than the demand for labor, what would be another example of a 'derived demand?arrow_forwardThe following graph depicts the daily labour supply curve for Jake, a worker in the construction industry in Vancouver. 30 27 24 21 18 15 12 Labour Supply 3 + + + 1 2 3 4 5 7 10 LABOUR (Hours worked) If the wage rate is $30 per hour, Jake will supply hours of work per day. additional The wage rate must be S per hour for Jake to supply 2 hours of work per day. fewer If the wage rate decreases from $30 per hour to $9 per hour, Jake will supply hours of work per day. WAGE (Dollars per hour) coarrow_forwardConsider the labor market for webpage designers illustrated in the graph to the right. What is the equilibrium wage? per hour. (Enter a numeric responses using an integer.) Suppose fewer firms demand webpages. Use the line drawing tool to draw either a new labor supply curve or a new labor demand curve that shows how this affects the labor market for webpage designers. Carefully follow the instructions above, and only draw the required objects. As a result of this change, the equilibrium wage increases decreases Wage (dollars per hour) 300- 275- 250- 225- 200- 175- 150- 125- 100- 75- 50- 25- Market for webpage designers Labor supply₁ X Labor demand₁ 20 40 80 100 120 140 60 Quantity of labor Q Ly ✪arrow_forward
- 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).arrow_forwardThe following graph depicts the daily labour supply curve for Jake, a worker in the construction industry in Vancouver. 30 27 24 18 15 12 Labour Supply 3 2 3 4 5 7 8 10 LABOUR (Hours worked) If the wage rate is $30 per hour, Jake will supply hours of work per day. additional The wage rate must be S per hour for Jake to supply 2 hours of work per day. fewer If the wage rate decreases from $30 per hour to $9 per hour, Jake will supply hours of work per day. WAGE (Dollarsper hour) 21arrow_forwardBenny employs people to sell candy bars at intersections. Assume that Benny can obtain candy bars to sell for no cost. The marginal product of the last worker Benny hired is 20 candy bars per hour. Benny pays $7 per worker per hour and sells the candy bars for $1 each. If the price of candy bars rises to $2. then the: demand for labor increases. demand for labor decreases. quantity demanded of labor increases, but the demand for labor curve does not shift. quantity demanded of labor decreases, but the demand for labor curve does not shift.arrow_forward
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