Macroeconomics
13th Edition
ISBN: 9780134735696
Author: PARKIN, Michael
Publisher: Pearson,
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Chapter 18, Problem 14APA
To determine
The number of labor hires.
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Students have asked these similar questions
Taco King produces tacos
The market for tacos is perfectly competitive, and the price is $3.50 a taco. The labor market is competitive, and the wage
rate is $105.00 a day
The table shows part of the workers total product schedule
Calculate the marginal product of hiring the third worker and the value of the marginal product of the third worker
The marginal product of hiring the third worker is tacos a day
The value of the marginal product of the third worker is
Saday
1
C
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44
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Emperor Spring Rolls produces spring rolls.
The market for spring rolls is perfectly competitive, and the price is $2.00 a spring roll. The labor market is
competitive, and the wage rate is $48.00 a day.
Spring rolls
per day
Workers
2
40
3
76
The table shows part of the workers' total product schedule.
4
106
Calculate the marginal product of hiring the fourth worker and the value of the marginal product of the fourth
worker,
130
6.
142
The marginal product of hiring the fourth worker is spring rolls a day.
The value of the marginal product of the fourth worker is
$ a day.
Consider the market for labor depicted by the demand and supply curves that follow.
Use the calculator to help you answer the following questions. You will not be graded on any changes you make to the calculator.
Graph Input Tool
Market for Labor
24
I Wage
(Dollars per hour)
21
Supply
3.00
Labor Supplied
(Thousands of
workers)
18
Labor Demanded
(Thousands of
workers)
1,050
150
15
12
Demand
3
150 300 450 600 750 900 1050 1200
LABOR (Thousands of workers)
Complete the following table with the quantity of labor supplied and demanded if the wage is set at $15.00. Then indicate whether this wage will
result in a shortage or a surplus.
Hint: Be sure to pay attention to the units used on the graph and in the table. For example, type in 100 for 100,000 workers.
Labor Demanded
Labor Supplied
Wage
(Thousands of workers) (Thousands of workers) Shortage or Surplus?
$15.00
Suppose a senator considers introducing a bill to legislate a minimum hourly wage of $15.00.
Which of the following statements…
Chapter 18 Solutions
Macroeconomics
Ch. 18.1 - Prob. 1RQCh. 18.1 - Prob. 2RQCh. 18.1 - Prob. 3RQCh. 18.2 - Prob. 1RQCh. 18.2 - Prob. 2RQCh. 18.2 - Prob. 3RQCh. 18.2 - Prob. 4RQCh. 18.3 - Prob. 1RQCh. 18.3 - Prob. 2RQCh. 18.3 - Prob. 3RQ
Ch. 18.3 - Prob. 4RQCh. 18.3 - Prob. 5RQCh. 18.3 - Prob. 6RQCh. 18.4 - Prob. 1RQCh. 18.4 - Prob. 2RQCh. 18.4 - Prob. 3RQCh. 18.4 - Prob. 4RQCh. 18.4 - Prob. 5RQCh. 18 - Prob. 1SPACh. 18 - Prob. 2SPACh. 18 - Prob. 3SPACh. 18 - Prob. 4SPACh. 18 - Prob. 5SPACh. 18 - Prob. 6SPACh. 18 - Prob. 7SPACh. 18 - Prob. 8SPACh. 18 - Prob. 9SPACh. 18 - Prob. 10SPACh. 18 - Prob. 11APACh. 18 - Prob. 12APACh. 18 - Prob. 13APACh. 18 - Prob. 14APACh. 18 - Prob. 15APACh. 18 - Prob. 16APACh. 18 - Prob. 17APACh. 18 - Prob. 18APACh. 18 - Prob. 19APACh. 18 - Prob. 20APACh. 18 - Prob. 21APACh. 18 - Prob. 22APACh. 18 - Prob. 23APACh. 18 - Prob. 24APACh. 18 - Prob. 25APACh. 18 - Prob. 26APACh. 18 - Prob. 27APA
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