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2.2 Explain in detail, the shape of the individual supply of labor curve. Illustrate your
answer with the aid of a diagram.
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- Use a graph to illustrate and explain the individual supply of labour curve. In youranswer, describe the forces that determine the form (shape) of the individualsupply of labour curve.1. The economy's income and expenditure The following diagram presents a circular-flow model of a simple economy. The outer set of arrows (shown in green) shows the flow of dollars, and the inner set of arrows (shown in red) shows the corresponding flow of inputs and outputs. Firms Markets for Goods and Services Markets for Factors of Production Based on this model, households earn income when Households purchase in markets for factors of production. Suppose Yvette earns $600 per week working as a doctor for the Medical Clinic. She uses $8 to buy a box of aspirin at Pillmart Pharmacy. Pillmart Pharmacy pays Sean $225 per week to work the cash register. Sean uses $225 to purchase medical services from the Medical Clinic.5) Arswer the following questions based on the graph below. a)From point A to B and from B to C, is production exhibiting increasing, decreasing, or constant retums to scale? b)Between points B and D, is production exhibiting increasing or decreasing marginal retums? c) Describe the difference between retuns to scale and marginal retuns of labor. 2,800 E B D 1,400 1,000 q=60 q=50 q=40 80 100 140 280 320 L
- Q(A) Use the following information to show the producers equilibrium under the isoquant/ isocost approach. a) Data below shows the combinations of two factor of production. Use the following data and plot the isoquant curve. combinations units of uk unit of l A 18 2 B 12 3 C 9 4 D 6 6 E 4 9 F 3 12 G 2 18 (b) Let the price of labor is Rs 1 per unit and the price of capital is Rs.4. Total expenditure of the firm is Rs.36 then find two bundles to plot isocost line.1.Explain how a firm uses resources price and value data to determine the appropriate combination of capital and labor resources to use in order to maximize profits. 2.how does this change when the firm want to produce a specific quantity of product with the least cost combination of resources? 3. if a software firm estimates that the MP of labor is 3 apps per month and the price is labor is $1100 per month, while the MP of capital is 5apps per month and its price is $2000, should the firm hire more labor and decrease its capital use or increase its use of capital and use fewer labor resources?Consider the labor market defined by the supply and dema curves plotted on the following graph. Use the calculator to help you answer the following question You will not be graded on any changes you make to the calculator. WAGE (Dollars per hour) 20.0 17.5 15.0 12.5 10.0 7.5 5.0 2.5 0 Supply Demand 125 250 375 500 625 625 750 875 1000 LABOR (Thousands of workers) Graph Input Tool Market for Labor Wage (Dollars per hour) Labor Demanded (Thousands of workers) Labor Demanded Labor Supplied Wage (Thousands of workers) (Thousands of workers) Shortage or Surplus? $7.50 Binding minimum wages cause frictional unemployment. 2.50 875 Complete the following table with the quantity of labor supp and demanded if the wage is set at $7.50. Then indicate whether this wage will result in a shortage or a surplus. Hint: Be sure to pay attention to the units used on the grap and in the table. For example, type in 100 for 100,000 workers. If the minimum wage is set at $10.50, the market will not reach…
- 18. What word do we use to refer to the amount of goods and services produced for each hour of a worker’s time?Consider the market for labor depicted by the demand and supply curves that follow. Use the calculator to help you answer the following questions. You will not be graded on any changes you make to the calculator. Graph Input Tool Market for Labor 24 I Wage (Dollars per hour) 21 Supply 3.00 Labor Supplied (Thousands of workers) 18 Labor Demanded (Thousands of workers) 1,050 150 15 12 Demand 3 150 300 450 600 750 900 1050 1200 LABOR (Thousands of workers) Complete the following table with the quantity of labor supplied and demanded if the wage is set at $15.00. Then indicate whether this wage will result in a shortage or a surplus. Hint: Be sure to pay attention to the units used on the graph and in the table. For example, type in 100 for 100,000 workers. Labor Demanded Labor Supplied Wage (Thousands of workers) (Thousands of workers) Shortage or Surplus? $15.00 Suppose a senator considers introducing a bill to legislate a minimum hourly wage of $15.00. Which of the following statements…5. Suppose that a hot dog vendor uses a cart (K) and his time (L) to make and sell hot dogs. The vendor's production function is where Q is the number of hot dogs per day. Suppose that the rental on hot dog carts is $50 per day and that the vendor wants to Q = K0.3 10.7 produce 500 hot dogs per day. Use calculus to: a. derive the demand for labor. b. show that the demand for labor satisfies the law of demand. 2
- The following table contains the relationship between a number of trainers working at a new gym and the number of client's they can train. These client's represent the output of trainers. Client's pay $40 per session. A. Find the marginal product of labor (mpl) and the value of the marginal product of labor (vmpl) for each additional trainer hired and record these numbers in columns in the table. B. Premier trainers earn $200 an hour. How many trainers will the gym hire?Q. 1 Analyze and graph the Product Effect and the Substitution Effect in labor demand in the face of an increase in labor price.1. What is labor cost?
