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Explain the difference between nominal and real wages..
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- What is the difference between being unemployed and being out of the labor force?1. The marginal product of labor for a firm is defined by the following equation: MPN = A(100- N)" a. If the price of this firm's output is $2.00 and productivity is 1.0, what will be the firm's demand for labor if the nominal wage is $10. If the wage is $20? b. Repeat part a after doubling productivity.Explain the rule that proft-maximizing frms follow when they decide howmuch capital and labor to hire.
- 3. Why is there unemployment in a labor market with flexible wages? Explain.jÜ ÖRGÜN OSs AYŞIN GURSAÇAR Units of Units of MPL VMPL Wage Marginal TR TVC Total Labor Output Profit Profit 11 3. 15 4 18 a. The productivity conditions at a firm are given in the table below. The prevailing wage rate is$ 260 per dayand the unit price of the product sold is $ 65. Fill in the table and determine how many workers the firm will hire. b. Define the following terms: cyclical unemployment, labor force participation rate, natural unemployment rate. Explain how the cyclical unemployment relates to the natural unemployment rate. C List the causes of unemployment in the long r Explain the "worker quality variant of the eficiency wage theory with the help of an example. 49Take me to the text In an effort to increase business in 2016, Nir-Van-A (a company that provides van rentals) decided to discount its prices. Following is financial information from 2015 and 2016. Note that minimum wage for service workers has increased in 2016. Calculate the labour cost margin for each year. Do not enter dollar signs or commas in the input box. Round your answers to 2 decimal places. Item 2016 $1,008,000 $747,000 Revenue Payroll and Related Expenses Labour Cost Margin 1.34 2015 % 1,37 $951,000 $690,000 %
- Nadira, the owner of Company ND is contemplating to keep her shop open after 4pm and until midnight. In order to do so, she would have to hire additional workers. She estimates that the additional workers would generate the following of total output (where each unit of output refers to 100 pages duplicated). Workers Hired 0 1 2 3 4 5 6 Total Product 0 12 22 30 36 40 42 Calculate the following if the price of each unit of output is RM10 and each worker hired must be paid RM40 per day: How many workers should Nadira hire? At which point did the law of diminishing returns occur?Complete the following labor supply table for a firm hiring labor competitively: Total Labor Cost Marginal Resource (Labor) Cost Marginal Revenue Product Units of Labor Wage Rate $14 14 $38 2 14 28 3 14 24 4 14 20 5 14 14 6 14 10 a. Show graphically this firm's labor supply and marginal resource (labor) cost curves. Instructions: (1) Use the tool provided 'MRC' to draw the marginal resource cost curve (plot 6 polnts total). (2) Use the tool provided 'MRP' to draw the marginal revenue product curve (plot 6 polnts total). To earn full credit for this graph, you must plot all required polnts for each curve. Тools MRC MRP 1. 3 4 5 6 7 Quantity of labor Wage rate (dollars)Describe the term labour
- 1. In the year 2010, the government decided to construct a thermal plant in a small town called Aboadze in the Western Region. Discuss its impact on equilibrium wage in Aboadzi in the short and long-term.10. Recently, some college alumni started a moving service for students living on campus. They have three employees and are debating hiring a fourth. The hourly wage for an employee is $18 per hour. An average moving job takes four hours. The company currently does three moving jobs per week, but with one more employee, the company could manage five jobs per week. The company charges $80 for a moving job. What would be the new employee’s marginal product of labor? What is the value of that marginal product? Should the moving service hire a fourth worker?. A firm’s decision about how many workers to hire.