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Q. In city of New York, plumbers have option of joining a union or working as a non-union plumber. Suppose total short-run supply of plumbers is perfectly inelastic at 500 workers per day. Union workers can often guarantee their work in ways non-union plumbers cannot, so demand for union workers is slightly higher. Let demand for non-union plumbers be WNU = 30 - 0.04L and demand for unionized plumbers be given by WU = 30 - .1L. Wages are specified as dollars per hour of work and L represents number of workers per day. Determine total demand for plumbers in New York.
Sketch the firm's isoquant and isocost lines and show its current equilibrium in the use of labor and machines when producing 200 gizmos per month.
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