Scenario 1 Suppose the marginal product of labor in the economy is given by MPN-200-0.5N, while the supply of labor is 300+8w Refer to Scenario 1. What is the market clearing real wage? Ow=5 Ow-11 Ow-10 w-15
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- Scenario 1 Suppose the marginal product of labor in the economy is given by MPN-200-0.5N, while the supply of labor is 300+8w Refer to Scenario 1. What is the equilibrium level of employment? ON-420 ON-380 ON-320 ON-120Wage ($) 12 NA9%E5 10 8 6 4 2 Desired Employment 0 5 10 15 20 25 a. Draw the labor demand curve b. Write the equation for the labor demand curve where wages are a function of employment levels c. Write the equation of the dead curve where employment is a function of wages.Explain how the wage can adjust to balance thesupply and demand for labor while simultaneouslyequaling the value of the marginal product oflabor.
- 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.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)The backward-bending supply curve for labour exists- (A) Only in inflationary conditions doid W (B) Wherever income effect overcomes substitu- tion effect basmob ar C, lagual
- Explain in two ways how the equilibrium wage can be disturbedNadira, 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?Cowles Foundationfor Research in Economicsat Yale UniversityCowles Foundation Discussion Paper No. 2021ARE WE APPROACHING AN ECONOMIC SINGULARITY?INFORMATION TECHNOLOGY AND THE FUTUREOF ECONOMIC GROWTHWilliam D. NordhausSeptember 2015An author index to the working papers in theCowles Foundation Discussion Paper Series is located at:http://cowles.yale.edu/This paper can be downloaded without charge from theSocial Science Research Network Electronic Paper Collection:http://ssrn.com/abstract=2658259Electronic copy available at: http://ssrn.com/abstract=2658259Are We Approaching an Economic Singularity?Information Technology and the Future of Economic GrowthWilliam D. Nordhaus1September 1, 2015AbstractWhat are the prospects for long-run economic growth? The presentstudy looks at a recently launched hypothesis, which I label Singularity.The idea here is that rapid growth in computation and artificialintelligence will cross some boundary or Singularity after whicheconomic growth will…
- Describe the effects of a rightward shift in labor demand on labor market equilibrium: Decrease equilibrium wage, decrease equilibrium employment Increase equilibrium wage, increase equilibrium employment Increase equilibrium wage, decrease equilibrium employment Decrease equilibrium wage, increase equilibrium employment S ដុះ F2 I WE A 30 F3 JAN 16 D $ 888 R F % 5 tv A MacBook Air 7 F7 2 8 √XCVB N 0 KConsider an economy with two labor markets—onefor manufacturing workers and one for serviceworkers. Suppose initially that neither is unionized.a. If manufacturing workers formed a union, whatwould you expect to happen to the wages andemployment in manufacturing?b. How would these changes in the manufacturinglabor market affect the supply of labor in themarket for service workers? What would happento the equilibrium wage and employment in thislabor market?A6 Show that the real wage implied by price-setting behaviour is a constant fraction of the marginal product of labour. How does this share vary with the intensity of product market competition? Explain intuitively.
