a) With the use of an illustration derive the backward sloping supply curve of labour and explain the circumstances under which it occurs. b) Elaborate the major causes of unemployment with examples from your country today. C)Assume you are given the position of a Minister in charge of labour, provide possible solutions to the above problem. I need more details
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- QUESTION ONEa) When do individual(s) belong to a labour force of a country? Does the size of the labour force say something about the intensity of work in the labour market? Explain.b) Use the knowledge of economics to discuss factors to analyse factors that affect people’s’ decision to work.c) When is the firm operating in the short run and when does it operate in the long run? d) Discuss the factor(s) that determine how many workers the firm wishes to hire in the long run.e) In words, explain the difference between real and nominal wages.f) Suppose a firm purchases labour in a competitive labour market and sells its product in a competitive product market. The firm’s elasticity of demand for labour is 0.4. Suppose further that the wage increases by 5 percent. What will happen to the amount of labour hired by the firm?QUESTION FOUR a) In words, explain the difference between real and nominal wages. b) Discuss the relationship between slope and elasticity of labour demand curve.c) Suppose a firm purchases labour in a competitive labour market and sells its product in a competitive product market. The firm’s elasticity of demand for labour is 0.4. Suppose further that the wage increases by 5 percent. What will happen to the amount of labour hired by the firm?The rate of job separations in the economy is 0.013 (1.3 percent) and rate of job finding is 0.25 (25 percent). a) If the economy has 500 workers in the labor force, calculate the unemployment rate and the number of unemployed in the steady state. b) If the rate of job separations is 1 percent, what happens to the unemployment rate and the number of unemployed in the steady state? c) If labor force suddenly increases by 20 workers who are seeking work (and the rate of job separations remains at 1 percent), what is the immediate change in the unemployment rate? What is the new steady-state unemployment rate? Draw a graph on how unemployment rate evolves in time.
- Assuming a perfectly competitive labor market, what should an increase in the minimum wage do to the quantity of labor demanded? What should it do to the unemployment rate? Explain why and include a graph/s.Question How will each of the following scenarios impact the market for labour The country receives an influx of new immigrants. Please choose one of the options below for EACH of the following decrease employment, shift inward/ to the left, Shift outward/ to the right, increase employment, increase wage rate, wage rate unchanged, curve unchanged (movement along the curve), decrease wage rate, employment unchanged a) impact on demand for labour b) impact on supply of labour c) impact on wage rate d) impact on employment levelConsider a simple demand-and-supply model of a competitive labour market in a small town. The demand and supply curves for labour are given by Demand: w=24-3LD S Supply: w=6+3L where w is the wage ($ per hour) and L is the number of hours of employment (measured in thousands of hours per month). a. Use the line drawing tool to plot the demand and supply curves in the graph at the right. Use points with labour hours value of 0 and 5 to draw the lines. Label the lines properly. Carefully follow the instructions above, and only draw the required objects. Wage ($ per hour) 24- 22- 20- 18- 16- 14- 12- 10- 8- 6- 4- 2- 0- 0 Labour Market 2 3 4 Labour (thousands of hours per month) 5
- QUESTION TWOa) Given labour demand curve LDi = 40 − 5wi + 2wj, and wages labour market I and labour market j are wi = K5 and wj = K3 respectively. At the existing wages in labour market I and j, calculate;i. The own wage elasticity of labour demand.ii. Cross elasticity of demand.iii. Is this a well behaved labour demand function?iv. What is the nature of relationship between labour market i and labour market j.b) Discuss the relationship between slope and elasticity of labour demand curve.c) Explain using an example of your choice how technological innovations have the potential to change the structure of demand in the labour market.Answer both parts. (a) For any given job, how do the economy-wide labour market conditions affect a worker's bargaining power? Explain which labour market variable you would look at to assess labour market conditions. (b) Suppose that for given labour market conditions, worker bargaining power throughout the economy increases. Discuss, using diagrams, what effect this would have on the real wage and levels of unemployment and output in the short run and in the medium run.Kuwait, among other gulf countries, is implementing a national program aimed at the gradual replacement of non-Kuwaitis by Kuwaitis over the next years. Around half a million Egyptians are currently working in Kuwait, most of them are males. a) Discuss and illustrate graphically the impact of this program of Kuwaitization, if successfully implemented, on the labour market outcomes in Egypt? b) What are the suggested policies that should be implemented by the government to respond to this labour market challenge?
- Consider a simple demand-and-supply model of a competitive labour market in a small town. The demand and supply curves for labour are given by Demand: w= 22 - 3LD Supply: w=4+3LS where w is the wage ($ per hour) and L is the number of hours of employment (measured in thousands of hours per month). a. Use the line drawing tool to plot the demand and supply curves in the graph at the right. Use points with labour hours value of 0 and 5 to draw the lines. Label the lines properly. Carefully follow the instructions above, and only draw the required objects. C Wage ($ per hour) 24- 22- 20- 18- 16- 14- 12- 10- 8- 6- 4- 2- 0- 0 Labour Market 2 3 4 1 Labour (thousands of hours per month) + 5You have been appointed as the new CEO of Tesco Stores and you want to restructure the workforce by recruiting more part time workers. Critically discuss Atkinson’s theory on the flexible firm and the growth in non-standard work employment in a country of your choice or Britain. Provide evidence that employers are reorganising the workforce in the way identified in the flexible firm?Suppose Georgette earns $13 an hour installing transistorized digital chips in electronic calculators. If you were unemployed, would you offer to work for $8 an hour to get the job? Why might a profit-maximizing employer turn down your generous offer?