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- A meeting of representatives for labor and management to negotiate contracts is calledK = Capital L = Labor Q = Outputs A) Determine the number of workers the form should hire to maximize profits. Price is P = 10 Wage rate = W = 250 Rental Price = K = 200 B) Find maximam profit К 255 55555555555 10-63564400 = 2 Q 150 250 5 330 405 7425 58500 590 510 535 5505 5 12 500 A) Determine the # of workers the firm should hire to maximize profita Price is P = 10 Wage rate = W = 2.50 Rental Price=K=200 B) Fund maximum profit.darsh is tasked with projecting financial compensation policy strategies for new hires in his relatively successful medium sized distillery. Given that the labor market seems steady and stable, the most likely strategy darsh will utilizie for compensation policy is: market lead market match market lag pay mix
- a)The technical rate of substitution between factors X2 and X1 is 4. If you desire to produce the same amount of output but cut your use of X1 by 3 Units, how many more units of X2 unit will you need. b) Why will a monoponist undeemploy and underpay its workers compared to a perfectly competitive firm. c) Explain what happens to the marginal Factor cost of hiring a worker faced by the Monoponist when the elasticity of the supply Curve is infinitely large.A company has 700 employees who work 140 hours a month each. Each worker earns $37 per hour. There is a profitable project the company would like to start, but it would require an additional 42,000 working hours within three months to be completed, and all the employees are fully loaded with other projects. The company does not want to hire new staff; they would like the project to be completed by the current workforce instead. Given that the wage elasticity of labor supply is 0.65, calculate the hourly wage the company should offer its employees to encourage them to work on the new project.In a purely competitive labor market (a), market labor supply S and market labor demand D determine the equilibrium wage rate Wc and the equilibrium number of workers Qc . Each individual competitive firm (b) takes this competitive wage Wc as given. Thus, the individual firm’s labor supply curve s = MRC is perfectly elastic at the going wage Wc . Its labor demand curve, d, is its MRP curve (here labeled mrp). The firm maximizes its profit by hiring workers up to where MRP = MRC. Area 0abc represents both the firm’s total revenue and its total cost. The green area is its total wage cost; the blue area is its nonlabor costs, including a normal profit—that is, the firm’s payments to the suppliers of land, capital, and entrepreneurship. This firm’s labor demand curve d in graph (b) slopes downward because: a. the law of diminishing marginal utility applies. b. the law of diminishing returns applies. c. the firm must lower its price to sell additional units of its product. d. the firm is a…
- In a purely competitive labor market (a), market labor supply S and market labor demand D determine the equilibrium wage rate Wc and the equilibrium number of workers Qc . Each individual competitive firm (b) takes this competitive wage Wc as given. Thus, the individual firm’s labor supply curve s = MRC is perfectly elastic at the going wage Wc . Its labor demand curve, d, is its MRP curve (here labeled mrp). The firm maximizes its profit by hiring workers up to where MRP = MRC. Area 0abc represents both the firm’s total revenue and its total cost. The green area is its total wage cost; the blue area is its nonlabor costs, including a normal profit—that is, the firm’s payments to the suppliers of land, capital, and entrepreneurship. A rightward shift of the labor supply curve in graph (a) would shift curve: a. d = mrp leftward in graph (b). b. d = mrp rightward in graph (b). c. s = MRC upward in graph (b). d. s = MRC downward in graph (b).In a purely competitive labor market (a), market labor supply S and market labor demand D determine the equilibrium wage rate Wc and the equilibrium number of workers Qc . Each individual competitive firm (b) takes this competitive wage Wc as given. Thus, the individual firm’s labor supply curve s = MRC is perfectly elastic at the going wage Wc . Its labor demand curve, d, is its MRP curve (here labeled mrp). The firm maximizes its profit by hiring workers up to where MRP = MRC. Area 0abc represents both the firm’s total revenue and its total cost. The green area is its total wage cost; the blue area is its nonlabor costs, including a normal profit—that is, the firm’s payments to the suppliers of land, capital, and entrepreneurship. The supply-of-labor curve S slopes upward in graph (a) because: a. the law of diminishing marginal utility applies. b. the law of diminishing returns applies. c. workers can afford to “buy” more leisure when the wage rate increases. d. higher wages are…A company has 350 employees who work 120 hours a month each. Each worker earns $21 per hour. There is a profitable project the company would like to start, but it would require an additional 21,000 working hours within three months to be completed, and all the employees are fully loaded with other projects. The company does not want to hire new staff; they would like the project to be completed by the current workforce instead.Given that the wage elasticity of labor supply is 0.8, calculate the hourly wage the company should offer its employees to encourage them to work on the new project. Use the midpoint method and round to two decimal places throughout your calculations.
- If the bargaining power of the workers increases due to the unions becoming stronger: A) The wage setting curve shifts downward B) The price setting curve shifts downward C) The price setting curve shifts upward D) The wage setting curve shifts upwardProblem 11 A luxury delivery company Fancy services rich individuals in the city of Millionaireburg. Many other companies want to make a buck in the city, so Fancy can only charge a flat price P per delivery. Couriers are also paid a competitive wage w. The number of deliveries q is dependent on the number of employed couriers, x, so that q = x0.8. Suppose Fancy prices each delivery at £300, and a per courier wage is set at £60. If Fancy wants to maximize its profits, how many couriers should it hire? Answers: a) 5 b) 1024 c) 1800 d) 0.00097 e) 9536In the event of increased graduates of a particular program, the Market Supply Curve for that occupation: Shift to the right Shift to the left shift up along the curve Shift down along the curve none of the above
