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- 3. [TRUE / FALSE] pls explain When a monopsonist is operating in the long-run, then at theprofit-maximizing output average cost can be increasing.9. (Industrial Unions) Review the logic underlying the exhibit below. Then determine the effect, on the industry and a typical firm, of an increase in the demand for industry output. Show your conclusions on a graph. Does the mag- nitude of the increase in demand make a difference?7. (Union Strategies) What strategies do unions employ to achieve their wage objectives?
- 12-4 Give reasons why unionization rates have declined in recent decades 8. (Unionization Rates) What trends have worked against the union movement during the last half century? What has happened to the effectiveness of strikes and why(Reading) Many local government officials see immigration detention as good for the local economy. Do these facilities bring economic benefits? What happens when ICE contracts end or fall through?5) (KEY QUESTION) Minimum Wages and Unionsa. Assume an industry without legal minimum wages and unions. Show in a diagram how the equilibriumwage W* is determined, and briefly explain all the concepts in the diagram.b. Now suppose a minimum wage, WMIN, is legislated at a level lower than W*, i.e. WMIN<W*. Show it in thediagram and explain whether the labour market outcomes in part a. change, and how.c. Now suppose a minimum wage is legislated at a level higher than W*, i.e. WMIN>W*. Show it in thediagram and explain what the labour market outcomes will be.d. Now suppose a workers’ union is created and successfully negotiates wage WUNION, which is above bothW* and WMIN, i.e. WUNION>WMIN>W*. Explain what the labour market outcomes will be compared to theprevious part
- Why do employers have a natural advantage in bargaining with employees?12-3 Summarize the objectives of labor unions and outline strategies used to achieve these objectives. 5.(Craft and Industrial Unions) Both industrial unions and craft unions attempt to raise their members’ wages, but each goes about it differently. Explain the difference in approaches and describe the impact these differences have on excess quantity of labor supplied.1. For a perfectly competitive firm, marginal revenue product is equal to: price minus marginal cost price times marginal revenue. price times marginal product. none of these. 2. An argument in favor of price discrimination is that this pricing strategy permits some consumers who otherwise would be excluded from a market to buy a good or service. (T/F) 3. Since World War II, the percentage of U.S. workers who are unionized has declined from about 86 percent to its current level of 60 percent. (T/F) 4. Which of the following statements is true? A monopsony is the only employer of a factor of production. A monopsony will pay workers a higher wage and employ fewer workers than a competitive labor market. A monopsony has a marginal factor cost curve which lies below its supply curve of labor. Unions are becoming a greater influence in American labor markets. All of these. 5. The profit maximizing or loss minimizing quantity of output…
- 6. Monopsony basics Consider a newspaper in a small town that has monopsony power in hiring journalists. The following table shows the labor hours that will be supplied at each of the given hourly wages, as well as the total cost of labor at each quantity of labor. Suppose the newspaper's demand for labor as a function of the marginal value product of labor (MVPL) is given by L= 8- Compute the marginal expense (MEL) and marginal value product (MVP) of adding an additional hour at each quantity and enter the values into the following table. Labor Supplled Total Labor Cost MEL MVP Hourly Wage (Hours) (Dollars per hour) (Dollars per hour) (Dollars per hour) 3 3 6. 12 9 3 27 12 4 48 15 75 The following graph depicts the supply of labor in this market. Use the grey points (star symbol) to plot the marginal expense at the five quantities of labor given in the prevlous table. Then use the blue points (circle symbol) to plot the firm's demand for labor as a function of the MVPL.40) Wearitwell Inc sales associates are almost all Caucasian college age men and women. Stockroom employees who unpack and prepare clothing for displays are mostly young Asians and African Americans. This suggests that Weartitwell may need to address its policies and practices in hiring. O lage race age AND race O gender6. (Union Objectives) What other objectives besides higher wages do unions pursue?