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- A visiting American executive finds that a foreign subsidiary inBangladesh has hired a 12-year-old girl to work on a factoryfloor, in violation of the company's prohibition on child labour.He tells the local manager to replace the child and tell her to goback to school. The local manager tells the American executivethat the child is an orphan with no other means of support, andshe will probably become a street child if she is denied work. explain Cultural Relativist based on the statement givenWhat is die price commonly called in the labor market?Suppose that Congress passes a law requiringemployers to provide employees some benefit (suchas healthcare) that raises the cost of an employee by$4 per hour.a. What effect does this employer mandate haveon the demand for labor? (In answering this andthe following questions, be quantitative whenyou can.)b. If employees place a value on this benefit exactlyequal to its cost, what effect does this employermandate have on the supply of labor?c. If the wage can freely adjust to balance supply anddemand, how does this law affect the wage andthe level of employment? Are employers better orworse off? Are employees better or worse off?d. Suppose that, before the mandate, the wage in thismarket was $3 above the minimum wage. In thiscase, how does the employer mandate affect thewage, the level of employment, and the level ofunemployment?e. Now suppose that workers do not value themandated benefit at all. How does this alternativeassumption change your answers to parts(b) and (c)?
- When Alan Greenspan (an economist who wouldlater chair the Federal Reserve) ran a consulting firmin the 1960s, he primarily hired female economists. Heonce told the New York Times, “I always valued menand women equally, and I found that because othersdid not, good women economists were cheaper thanmen.” Is Greenspan’s behavior profit-maximizing? Isit admirable or despicable? If more employers werelike Greenspan, what would happen to the wagedifferential between men and women? Why mightother economic consulting firms at the time not havefollowed Greenspan’s business strategy?The way the workers’ compensation system works now, employees permanently injured on the jobreceive a payment of $X each year whether they work or not. Suppose the government were toimplement a new program in which those who did not work at all got $0.5X but those who did work got$0.5X plus workers’ compensation of 50 cents for every hour worked (of course, this subsidy would bein addition to the wages paid by their employers). What would be the change in work incentivesassociated with this change in the way workers’ compensation payments are calculated?The diagram provides supply and demand curves for a competitive labour market it a labour union negobates the wage to W, in an otherwise competitive labour market OA employers will hire L, labour OB. employers will here labour at the level higher than L OC. the supply of labour will stay the same OD equilibrium will occur at W, and L OE the demand for labour will stay the same 0 Wage Rate W₁ Quarnty of Labour Supply Demand
- An oconomy has two sectors, Sector 1 and Soctor 2. For simplicity, assumo both sectors only uso labor In production, and labor Is homogeneous. Lot MPL = marglnal product of labor, APL = averago product of labor, (WIP) = real wage, the most officlont allocation of labor for this economy happens when (note: a subscript danotos the sactor, o.g., (WIP), is the real wage pald in Sector 1) O A. (W/P)1 = AP4 and (W/P)2 = APL2 OB. (W/P)1 APL1= (W/P)2 APL2 OC (W/P)1 = MPL1 and (W/P)2 = MPL2 O D. (W/P)1 = MPL1 = (W/P)2 = MPL2 %3D. Contrasting labor union lews in twe states Consider two states that adopt afferent lews concerning labor unions. The following graph shows the lebor market in a state in the North. Initiay, the market-clearing wage there is s8.00 per hour. Suppose that the legislature in this northern state pesses laws that make Reasy for workers to join a union. Through collective bargaining, the union negotiatesa wege of s10.00 per hour. Use the graph input tool te help you answer the following questiens. You wil not be graded on any changes yeu make to thi graph Graph Ingut Tool Market for Labor Wege (Dolars per hour) 2.00 Labor Demanded (Thousand workers 1,400 Labor Suppled (Thosands of workers) 200The graph shows a market for labor Draw a line that atrales a minimum wage that creates unemployment of 3 million hours a year Label t OA price floor OB quantity celing OC price celing OD quarty foor 400 5.50 100 450- 4004 3.50 300 250 2004 Wage a las per hour * 2007 zis-a zis No 250 260 Qty of hours per year **Draw only the objects specified in the question
- 12 10 8 4 2. 0 20 40 60 80 100 120 140 Quantity (thousands of workers) S The figure above shows the labor market in a region. If a minimum wage of $8 an hour is imposed, then there are unemployed workers. Select one: a. 60,000 O b. 20,000 O c. 80,000 O d. 40,000 Time left 0:47:06Consider 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?Name some factors that can cause a shift in the demand curve in labor markets.