What are the employment level and the wage rate

Assignment Help Business Economics
Reference no: EM132285792

L MP W

1 20 20

2 18 40

3 16 60

4 14 80

5 12 100

6 10 120

7 8 140

8 6 160

9 4 180

10 2 200

a. What are the employment level and the wage rate for this industry if this industry is in a perfectly competitive input market?

b. Suppose that the minimum wage of $140 per unit labor is imposed. What is the employment level for this industry

(1) if this industry is under a perfectly competitive input market,

(2) if this industry is in a monopsony?

Reference no: EM132285792

Questions Cloud

Why different organizations have different pricing strategy : Pricing Strategies: Identity three types of pricing strategies. Select a good or service and compare the prices of two different companies associated.
Aisle price promotions changes the price : An end- of- aisle price promotions changes the price elasticity of a good from - 2 to - 3. If the normal price is $ 10, what should the promotional price be?
Characteristics of a purely competitive market : What are the characteristics of a purely competitive market? What makes these important? List at least two industries that are characterized by perfect
Examples of both elastic and inelastic goods or services : What are examples of both elastic and inelastic goods or services. How does their respective elasticity influence price changes or consumption behaviors?
What are the employment level and the wage rate : a. What are the employment level and the wage rate for this industry if this industry is in a perfectly competitive input market?
Characterize the different types of money demand : Characterize the different types of money demand? How do the Federal Reserve Bank determine the money supply? How would you explain the price of money?
What is the formula : Is it just plugging in and if so what is the formula?
What was the immediate and long-term impact of the scandal : Does the war constitute a cultural trauma and suppressed collective guilt that has been rewritten as victimization? Explain why or why not.
Factors that affect the monetary base : What are the three Factors that Affect the Monetary Base other than printing money?

Reviews

Write a Review

Business Economics Questions & Answers

  What is the required reserve ratio

a. If the required reserve ratio is 2.50 percent, what is the monetary multiplier

  Reasons for differences in price elasticity of demand

Explicate how these projected deficits will affect the US Stock and bonds. Could you explicate briefly this question thank you.

  Different ways to produce a forensically sound image

Question One: Since we have so many different ways to produce a forensically sound image, why do you think we need more than one? Is there some advantage of one over another?

  Describe the information asymmetry

Soft selling occurs when a buyer is skeptical of the usefullness of a product and the seller offers to set a price that depends on realized value. For example, suppose you're trying to sell a company a new accounting system that will reduce costs by ..

  The equation for the long-run competitive supply curve

Suppose that the world price of oil is roughly $60 per barrel and that the world demand and total world supply of oil equal 34 billion barrels per year (bb/yr), with a competitive supply of 20 bb/yr and 14bb/yr from OPEC. The equation for the long-ru..

  Which type of business structure would be the worst

Sally Gomez is interested in starting a new business. Although Gomez has developed her business plan and is ready to implement her ideas, she lacks the necessary finances to begin her new business. Which type of business would best serve Gomez's need..

  Asymmetric information is a problem in many markets

Asymmetric information is a problem in many markets, such as the used car market, the insurance markets, and the credit markets. Choose one of these three markets, and using some of the concepts you learned from this module, discuss the questions bel..

  Characteristics of services are intangibility

In this chapter, we learned that the characteristics of services are intangibility, perishability, variability, and inseparability. Explain each of these characteristics in your own words and how they create challenges for marketing services.

  Production functions exhibit constant returns to scale

Show whether the following production functions exhibit constant returns to scale, decreasing returnsto scale or increasing returns to scale. Please do not just state your answer, but show mathematicallyhow you came to your conclusion. F(K,L) = K+L^(..

  Obtaining human food pose for wild animals and birds

In some national parks there are signs asking campers not to feed the wild animals and, similarly, signs are often posted around lakes asking visitors not to feed the birds. What negative externality does obtaining human food pose for wild animals an..

  What problem might the ceo expect

What problem might the CEO expect if the company switches to a matrix structure?

  Private pay patients have a price elasticity of demand

Your dental clinic provides 3,000 exams for private pay patients and 1,000 exams for members of a union. Your fixed costs are $50,000 and your incremental cost is $40. Private pay patients have a price elasticity of demand of -3. What do you charge t..

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd