Use the social planner diagram to show the effects of an increase in the stock of capital on consumption C and labor supply Ns. Describe the effects. What happens with the real wage w?
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- Use the line drawing tool to draw a line representing a possible efficiency wage. Be sure that this line intersects both the supply 'NS' and demand 'ND" lines for labor. Label this new line 'Efficiency Wage'. Real Wage, w Labor supply, NS The efficiency wage is likely to result in a V of labor. Labor demand, ND* Labor, Nwhat happens in the work-leisure model, when the wage rate is decreasing and income effect is stronger than substitution effect?Use the wage curve and the profit curve to show the equilibriumin a model of the labour market. Explain briefly why this equilibrium implies involuntary unemployment.
- A government passes a family-friendly law that no companies can have evening, nighttime, or weekend hours, so that everyone can be home with their families during these times. Analyze the effect of this law using a demand and supply diagram for the labor market: first assumingthatwagesareflexible,andthenassumingthat wages are sticky downward.Which of the following correctly explains the effect of a variable on the labor demand curve? A. If human capital increases, then we will move up the labor demand curve. B. If the price of the product increases, then the labor demand curve will shift to the left. C. If the number of firms in the market increases, then the labor demand curve will shift to the right. D. If the wage increases, then the labor demand curve will shift to the right.Draw a graph explaining how a typical worker chooses how many hours to allocate to work. When non-labor income increases, what happens to hours worked? Represent both examples using graph(s).
- Explain how the wage can adjust to balance thesupply and demand for labor while simultaneouslyequaling the value of the marginal product oflabor.You are given a scenario where this a change in a factor of production or a change in demand for an item. Explain in sentence form how this would change the demand for labor. See the example and model your answers after how the example is written. Change in Factor of Production Effect on Labor Market Example: There is a decrease in the price of oil, and you make plastic containers. The decrease in the price of oil will make it cheaper to produce plastic containers. The firm can lower its price and it will sell more. This will increase the demand for labor at your firm. 1. Apple develops the iPhone and demand for it surges as people realize the benefits of this improved technology. You manufacture flip phones. 2. You own a sports equipment manufacturing firm. You were just informed rent at your warehouse space would double. 3. You develop a popular video game and continue to develop new versions to keep people interested in the game.…What is the difference between factor cost and market price? According to macro economics?
- What are the endogenous variables in the labor market model?Explain how the optimal consumption of goods and leisure is reached in the labour market. Support your answer with a graph.10. The Beveridge curve is an indicator of:A. The efficiency of the labor marketB. The willingness of workers to supply laborC. The demand for laborD. All of the above
