Reference no: EM132908717
Microeconomics
You are given a scenario where this a change in a factor of production or a change in demand for an item. You need to explain in sentence form how this would change demand for labor.
1. Apple develops the iPhone and demand for it surges as people realize the benefits of this improved technology. You manufacture flip phones. As individuals start purchasing more apple phones, the demand for your product will decrease. Higher demand for iPhones will decrease the demand for flip phones, a substitute for iPhones. As a result, the price will fall. This will reduce the need for labor at your firm.
2. You own a sports equipment manufacturing firm. You were just informed rent at your warehouse space would double. A rent increase will increase the cost of production. Therefore, this will lead to a fall in supply and a price increase. The demand for labor will fall due to a fall in supply.
3. You develop a popular video game and continue to develop new versions to keep people interested in the game. This will increase the demand for labor as you keep updating the game to maintain your customers.
4. The coronavirus pandemic forces people to shelter in place.You are an airplane mechanic looking for work in Louisville where UPS is headquartered. The demand for labor is going to increase. Since UPS is headquartered in the place and individualshave to shelter in place. Therefore, the demand for UPS will rise.
5. There is an increase in the price of steel.You make tractors. The increase in the price of steel will decrease the supply of tractors as steel is one of the factors of production. Therefore, the demand for labor will fall.
6. Would you expect the presence of the labor unions to lead to higher or lower pay for worker-members in the short run?What about the long run?
7. How would the presence of a union affect the firm's motivation to invest in technology?How would this affect the number and type of workers it would hire in the short run?What about the long run? (Remember to think about how quickly firms can adapt to changing circumstances.)
8. If you worked for a union, would you accept higher wages if it meant others would be laid off?Why or why not?
*9. Draw a picture of the backward bending supply curve.Make it your individual supply curve with wages you would accept and the time you would be willing to work.Have at least five points that connect together to make a curve.Your curve can be drawn, or you can use excel to create a chart.
*10. Explain your rationale for how you drew you labor supply curve.
*Note: Need only Question 9 and 10.
Attachment:- Resource Markets.rar
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