Reference no: EM131045919
Calculate the missing data, graph the Marginal Revenue Product (MRP) curve, and answer the questions. The MRP = marginal revenue product is calculated as MP x Price = MRP.
Daily Demand for Workers in a Perfect Competitive Labor and Product Markets (The workers are price takers). Most workers are in this market, the wage is set by the company and the worker accepts the job or not. There is little or no control over the wage that a worker will get.
Workers
|
Marginal Product per worker
|
Price
|
Marginal Revenue Product
|
0
|
0
|
$3.00
|
|
1
|
20
|
3.00
|
|
2
|
19
|
3.00
|
|
3
|
18
|
3.00
|
|
4
|
17
|
3.00
|
|
5
|
16
|
3.00
|
|
6
|
15
|
3.00
|
|
7
|
14
|
3.00
|
|
8
|
13
|
3.00
|
|
1. Which of the two columns in the table above represent the labor demand schedule?
2. What economic law accounts for the decreasing marginal product of labor (MP)?
3 If workers are paid $48.00 per day, how many workers should be hired by the company?
4. How many workers should be hired at $41 per day?
5. If the demand for the product is cut in half, what will happen to the labor demand curve?
6. What kind of workers would be in a Oligopoly case, where there are a few workers which can work in that job and the workers will have control over their wages? Give examples.
7. What kind of workers would be a Monopoly case, where there Is Only one worker who can do that job alone? Give examples.
8. Matching the MRP = wage, is that an appropriate way to set wages and hiring? Why?
9. What would be an example of the Monopolistic Competition labor market case? Give examples.
9. What is the proper role of unions? Why are they declining in membership and influence in the economy?
Country imposes a tariff on a good
: Suppose a large country imposes a tariff on a good. Which of the following statements isfalse?
|
Calculate the change in the money supply
: If the value of full employment output (Q) or real transactions (T) in the economy above is $451 billion, calculate the change in the money supply (M) needed by the Fed to bring this economy to full employment output if V=2.5 during the economic b..
|
Discards all received data still unread in buffers
: Sketch a scenario involving the above in which data sent by (not to!) the closing host is lost. You may assume that the remote host, upon receiving an RST, discards all received data still unread in buffers.
|
Write down the maximization problem
: (a) Write down the maximization problem for this individual. (b) Solve the maximization problem and nd current consumption, future consumption and savings (or assets).
|
Calculate the missing data
: Calculate the missing data, graph the Marginal Revenue Product (MRP) curve, and answer the questions. The MRP = marginal revenue product is calculated as MP x Price = MRP.
|
Fit the data and show the best fit distribution
: Using Crystal Ball or another statistical package, fit the data and show the best fit distribution and the appropriate K-S or other goodness-of-fit statistic value for this data.
|
U.s. electronics a new york company
: Browne & Assoc., a San Francisco company, orders from U.S. Electronics, a New York company, ten thousand electronic units. Browne & Assoc.'s order form provides that any dispute would be resolved by an arbitration panel located in San Francisco.
|
Describe a sequence of probes that could enable b
: describe a sequence of probes that could enable B to obtain sufficient state information to continue with A's connections.
|
Values of the coefficients and p-values
: 1. Using the file in this homework folder (women_job.xlsx), first estimate the linear probability model: Job = f(Married, School, Age) in STATA. (Include your STATA work) a. Report the values of the coefficients and p-values for each independent vari..
|