Economics: Principles & Policy
14th Edition
ISBN: 9781337696326
Author: William J. Baumol; Alan S. Blinder; John L. Solow
Publisher: Cengage Learning
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Chapter 19, Problem 4TY
To determine
Discuss changes in marginal productivity.
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As a micro economic student, With the use of an illustration derive the backward sloping supply curve of labour and explain the circumstances under which it occurs?
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Economics: Principles & Policy
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- what are the four broad categories of labor in order from lowest to highest paying?arrow_forwardGive some examples of direct labor?arrow_forwardEquilibrium in the labour market depends on the demand for labour and the supply of labour. Graphically demonstrate how the supply of labour in the U.S. is affected by the increase in the labour force resulting from Mexican immigrants. What other factors that can cause the labour supply curve to shift?arrow_forward
- Why does a fall in price of capital leads to increase in demand for labor?arrow_forwardSuppose Georgette earns $13 an hour installing transistorized digital chips in electronic calculators. If you were unemployed, would you offer to work for $8 an hour to get the job? Why might a profit-maximizing employer turn down your generous offer?arrow_forwardYour 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?arrow_forward
- how will each of the following scenario impact the market for labour. workers become more concerned about the future and terefore wish to increase their hours of work, at the same time there is an increase in capital stock which makes workers more productive.arrow_forwardIn some extreme cases, an individual’s labor supply curve may be downward sloping at higher hourly wage rates. That is, further increases in the worker’s wage lead them to work fewer hours. Why might an individual worker exhibit such behavior?arrow_forwardExplain the dual labor market?arrow_forward
- Part a. What is the marginal physical product(MPP) of the third unit of labor hired? Part b. What is the marginal revenue product(MRP) of the fourth unit of labor hired? Part c. If the labor market equilibrium wage(W*) were $9 per hour, how many workers would a firm wish to hire? Why?arrow_forwardTo what extent are flexible work arrangements a positive for workers? For employers?arrow_forwardAbout what proportion of the variation of wages across workers is explained by factors that can be measured? What are the other factors that explain wage differences but are difficult to measure?arrow_forward
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