Macroeconomics
13th Edition
ISBN: 9780134735696
Author: PARKIN, Michael
Publisher: Pearson,
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Question
Chapter 18, Problem 9SPA
To determine
Change in
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Question 10 (1 point)
Saved
Quantity of Labor Supplied
Wage
Total Cost of Labor
Marginal Cost of Labor
Marginal Revenue Product
50
$10
$500
$10
$30
100
$12
$1200
X
$25
150
$15
$2250
$21
$21
200
$18
$3600
$27
$18
250
$20
$5000
$28
$15
Use the labor market data for a monopsony employer above. Find the wage and quantity of labor the firm will hire.
Question 10 options:
$12; 100
$25; 100
$15; 150
$21; 150
Greg is running an economic consulting company with three employees. He is considering hiring more employees. The going salary for economic consultants with the skills the company needs is $118,000 per year. Each new employee will need a computer and other equipment that cost $3,000 per year. Each client pays the company $30,000 per year. The table shows how the number of clients depends on the number of employees. What is the company's marginal revenue from the first additional employee? ($)
Numer of employees
3- 10
4- 15
5- 19
6- 22
7- 24
discuss how that relationship between the elasticity of demand for products and labor would affect your job searching strategy in the future.
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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- Which of the following are reasons why union membership is in decline in the United States? Choose all that apply. a Public opinion of unions has declined as many factories have moved overseas for cheaper labor costs. b Many employers are opposed to their employees joining a union. c Union members generally earn less and have poorer working conditions than those who are not in unions. d Employment patterns have changed in the United States since the time when unions reached their peak.arrow_forwardFlorida has decided to eliminate occupational licensing requirements for lawyers, so you don't have to go to law school to practice law. The demand for legal services will, therefore, increase. Draw a graph consistent with your answer. Note: don't use chat gpt.arrow_forwardQuestion 26 of 30 Consider the labor market for electricians. The demand curve is downward sloping and the supply curve is upward sloping. In this market, however, there is a strong labor union. Assume that the electrician's union is able to negotiate a new contract that substantially raises their member's wages. Select the correct statement. Fewer people want to work as electricians as the union increases wage. Firms hire the same number of electricians at both wages. The wage increase is unambiguously beneficial for all the electricians working before the wage increase. O A consequer of the union negotiating a higher wage is fewer jobs for electricians. 8:25 PM 46°F 12/15/2021 aarrow_forward
- What may be a consequence of laws on labor unions and employment in Western Europe that make it difficult to terminate employees? Select one: a. companies may choose to hire many employees b. companies may be reluctant to hire many employees c. employee compensation decreases d. succession planning becomes less relevantarrow_forwardThink of a job that either you or a friend/relative held that paid a wage that you thought was either unfair or inequitable compared to the wages or salaries of other positions within the business or within the wider business community. Answer the following questions in relation to that example. On what basis do you think the wage was set? I.e. What factors influenced how much the organization valued the role? Why did you think it was unfair? If there was an opportunity to be covered by a Union contract/agreement, do you think there would have been an increase/decrease in the wage? If you were the employer, what would cause you to increase the wage for that role? and finally, 5. Do you think that the wages/salaries of the main "jobs" in our society are allocated fairly? Provide an example of a role that you think is highly undervalued and explain why. For example, should CEOs and celebrities earn millions of dollars each year compared to child care workers or stay at home parents who…arrow_forwardAnswer the next question based on the information given in the following table. Total Workers Revenue $900 1,600 2,100 2,400 2,500 4. What is the marginal revenue product of the third worker? Multiple Choice $500 $700 $300 $2100arrow_forward
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