Which of the following is likely to increase the supply of labour? a decrease in fringe benefits a relaxation of restrictions on immigration an increase in the value placed on leisure a decrease in the population
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- Which of the following is likely to increase the supply of labour? a decrease in fringe benefits a relaxation of restrictions on immigration an increase in the value placed on leisure a decrease in the populationWhich of the following would increase the supply of labor? There’s a decrease in the number of workers The amounts of capital firms have increases The productivity of workers increases Immigration increases the number of workersWhich of the following would increase the demand for labor? There’s an increase in the number of workers The price of the output good increases The substitution effect makes leisure more expensive as wages increase Leisure is a normal good and the income effect occurs when wages change
- What is meant by the supply of labour to an occupation?The maximum number of workers that a firm would hire isSuppose 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?
- "If the wage rate paid to one form of labor is twice the cost of another form of labor, the first type of labor must be twice as productive."Suppose a firm purchases labor in a competitive labor market and sells it product in a competitive product market. The firm's elasticity of demand for labor is -2.50. Suppose the wage increases by 4%. By what percentage will the quantity of labor hired by the firm change? Show your work.Q8 In the Canadian labour market, demand for labour can be impacted by elasticity of the product in which labour is an input. Suppose that the labour cost to total cost ratio in industry A (cannabis sector) is 14 percent, while in industry B (fertilizer sector) it is 68 percent. Other things equal, labour demand will be Multiple Choice more elastic in industry B than in A. constant in both industries A and B. relatively elastic in both industries A and B. relatively inelastic in both industries A and B. more elastic in industry A than in B.
- Listed are scenarios that may lead to changes in labor market conditions for chefs. Use your knowledge of labor demand and supply curves to match each scenario to the appropriate category. Will cause a shift in the demand for labor Will cause a shift in the supply of labor Will cause a shift in both the demand for labor and supply of labor Will not result in a curve shifting A professional cooking tool is invented that reduces the number of chefs required to produce many dishes. The amount of training required to work as a chef increases. Wages for chefs increase. Answer BankSuppose a firm purchases labor in a competitive labor market and sells its product in a competitive product market. The firm’s elasticity of demand for labor is -0.4. Suppose the wage increases by 5 percent. What will happen to the number of workers hired by the firm? What will happen to the marginal productivity of the last worker hired by the firm?The demand for skilled workers in the United States has been increasing. To increase the supply for skilled workers, many argue that immigration reform to allow more skilled labor into the United States is needed. Would you agree or disagree?