Give typing answer with explanation and conclusion 3. The general assumption is that the demand for labour usually goes hand in hand with the demand for product. That is, the higher the demand for product, the higher will be the demand for labour. Is this always true? Use specific examples from your readings and models discussed on the course to facilitate your answer. (800 words only)

Give typing answer with explanation and conclusion 3. The general assumption is that the demand for labour usually goes hand in hand with the demand for product. That is, the higher the demand for product, the higher will be the demand for labour. Is this always true? Use specific examples from your readings and models discussed on the course to facilitate your answer. (800 words only)

Microeconomics: Principles & Policy

14th Edition

ISBN:9781337794992

Author:William J. Baumol, Alan S. Blinder, John L. Solow

Publisher:William J. Baumol, Alan S. Blinder, John L. Solow

Chapter7: Production, Inputs, And Cost: Building Blocks For Supply Analysis

Section: Chapter Questions

Problem 9TY

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Sorry, that is incorrect. The correct Production Data answer is: Workers Cars Washed Economics 11 = (96 - 85)/ (6- 5) Mentor 1. 10 24 Correct Answer: 11 3 45 4 68 5. 85 Okay, so at which worker is the marginal product of labor maximized? 96 7. 91 8. 80 Randall At the 6th worker At the 5th worker At both the 4th and 5th workers At the 4th worker Submit MacBook Air 寸

Distinguish carefully between labor-augmenting and labor-saving technological change. Explain your answer with an example of each (needs to be at least 100 words )
Give typing answer with explanation and conclusion Workers in a certain occupation will soon require a government issued licence to legally practice in that occupation. To get the new licence workers will need to study and pass an ex*m and then pay for a licence. Employers who provide this service will need to close their shop unless they employ these licensed employees to serve the public. Based on this information: a) Briefly discuss how in the near term this new development will change the Supply of labour in this occupation. b) Briefly discuss how in the near term this new development will change the Demand for labour in this occupation. c) Briefly discuss how this development will affect the equilibrium wage rate and the number of workers employed in the occupation.
(a) There are three identical producers in the market, the supply of each firm is q=p² when p>3. If one producer drop out of the market for no reason. Claim: the market supply is less elastic responding to price change. (b) -) Claim: if the isoquants of a production function are all straight lines, it is still possible that it has increasing returns to scale. Nan's supply of microeconomic questions can be written as q=1000. Claim: Nan's supply of microeconomic questions is not too sensetive to the change of price, because the price elasitic of the supply is infinitely high.
Consider two states that adopt different laws concerning labor unions. The following graph shows the labor market in a state in the North. Initially, the market-clearing wage there is $10.00 per hour. Suppose that the legislature in this northern state passes laws that make it easy for workers to join a union. Through collective bargaining, the union negotiates a wage of $12.50 per hour. Use the graph input tool to help you answer the following questions. You will not be graded on any changes you make to this graph. Graph Input Tool Market for Labor 20.0 I Wage (Dollars per hour) 17.5 Supply 2.50 Labor Demanded (Thousands of workers) Labor Supplied (Thousands of workers) 15.0 875 125 12.5 10.0 7.5 Demand 5.0 2.5 125 250 375 500 625 750 875 1000 LABOR (Thousands of workers) Enter $12.50 into the box labeled Wage on the previous graph. Hint: Be sure to pay attention to the units used on the graph. At the union wage, 375,000 union workers will be employed. The following graph shows the…
From the production data in the table below, calculate the VMP, for the 2nd unit of labor. Assume the wage rate is $80 and the price of the firm's output is $5. (Give the numeric value only for your response; do not include commas, dollar signs, etc.) Capital Labor Output (Q) 100 100 1 20 100 44 100 66 100 4 84 100 96 100 104 100 7 98 Numeric Response
i) Derive the output elasticity of labour for the following further alternative production function: InY = c + aK +BL ii) Suppose ß = 0.5 and other factors are fixed, explain the percentage change in output due to a unit change in labour.
Consider two states that adopt different laws concerning labor unions. The following graph shows the labor market in a state in the North. Initially, the market-clearing wage there is $8.00 per hour. Suppose that the legislature in this northern state passes laws that make it easy for workers to join a union. Through collective bargaining, the union negotiates a wage of $10.00 per hour. Use the graph input tool to help you answer the following questions. You will not be graded on any changes you make to this graph. 020040060080010001200140016001614121086420WAGE (Dollars per hour)LABOR (Thousands of workers)Demand Supply Graph Input Tool Market for Labor Wage (Dollars per hour) Labor Demanded (Thousands of workers) Labor Supplied (Thousands of workers) Enter $10.00 into the box labeled Wage on the previous graph. Hint: Be sure to pay attention to the units used on the graph. At the union wage, union workers will be employed.…
Economics Modify the Lewis model and assume that there is a strictly positive marginal product of labor in the traditional sector. Use figures with production functions in the traditional and the modern sectors to show what the equilibrium is when no one wants to move away from agriculture. What assumptions do you have to make about production functions to arrive at the conclusion that fewer people will end up in agriculture? Use the same starting point as in the above question. Derive the demand for labor in the traditional and in the modern sectors. Show graphically what the characteristics of the equilibrium would look like when no one wants to change sectors.
(This is a single question with five parts to the answer. I would appreciate help with all five parts if possible. Image screenshot of the original question with the formulas more easily readable than can be identified here is attached) Tech firms produce goods and services from labor and energy. The total cost in dollars to produce y amount of goods and services for each firm j is cj(yj) = yi2. There are 100 identical tech firms which all behave competitively. What is the individual supply of technological goods and services? What is the market supply of technological goods and services? Suppose the demand curve for these goods is D(p)=200-50p. What is the equilibrium price and quantity sold? How much is the total surplus of this economy? Now suppose that the industry makes a one-time investment for $K amount of dollars to innovate in a new technology of production that allows every firm to reduce its cost of production to a 1/4 fraction of the previous cost. What is the new total…
In the first problem set, you studied the constant elasticity of substitution (CES) production function Y = zF(K, N): Y = z [0(aK)" + (1 – 0)(BN)"]* where Y is output, the constant z measures productivity, K is physical capital, N is labor, 0 <0 <1 and y are parameters and 0
QUESTION 12 A research study published in Social Science Medicine. "Production Functions for General Hospitals," estimated the following general hospital production function in the Netherlands: Q = 5*Staf 24+Beds 64Drugs 04:5pecialists 02, where Qis a measure used by the authors for patient care. Suppose a hospital currently utilizes the following inputs: Staff=10, Beds = 100, Drugs = 50, Specialists =10. Use a spreadsheet to find the following. If the hospital increases its specialists by one (1), that is, employs an 11th specialist, the increase in Q (marginal product) will be: O A. 1.23. O B. 96. OC. 83. OD. 49. O E. 31. QUESTION 13 A study published in Social Science Medicine, "Production Functions for General Hospitals," estimated the following general hospital production function: Q = 5*Staff 34-Beds 64xDrugs 04Specialits 02, where Q is a measure used by the authors for patient care. If we increase all inputs by 1%. the percentage change in Q will be: O A.5.0 O B. 1.04. OC 3.3.…