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- 6. Suppose that the representative consumer's div- idend income increases, and his or her wage rate falls at the same time. Determine the effects on consumption and labor supply, and explain your results in terms of income and substitution effects.Suppose an economy has the following production function: Y = AK L where A = 10, K 50, and L= 100. The current nominal wage is $20 and the price level of output is $4. Based on the theory of distribution, firms should O hire new workers to increase profits. O fire some current workers to reduce losses. O keep the number of workers at the current level. O the firms labor decision cannot be determined.10- If labor is on the vertical axis and capital is on the horizontal axis, the slope of an isocost line is given by: a. -PL/PK. b. -PK/PL. c.-PKPL. d.-MPL/MPK. e. -MPK/MPL.
- What would be the predicted impact on the labor market of a decrease in non-wage income, as well as an increase in the price of machines? a. An increase in equilibrium wage, and an indeterminate change in equilibrium quantity of labor. b. A decrease in equilibrium wage, and an indeterminate change in equilibrium quantity of labor. C. An indeterminate change in equilibrium wage, and an increase in equilibrium quantity of labor. O d. An indeterminate change in equilibrium wage, and a decrease in equilibrium quantity of labor.Explain how the wage can adjust to balance thesupply and demand for labor while simultaneouslyequaling the value of the marginal product oflabor.A standard efficiency wage model pays workers higher wages in order to increase worker efficiency. As a result, firm profits increase and there is a pool of involuntarily unemployed workers. In this model, if the firm's cost of monitoring effort falls, A. the firm will increase its number of factory managers. В. the number of shirking workers will fall C. the efficiency wage will fall. D. firm profits will fall. E. the pool of involuntarily unemployed workers will increase.
- ONLY TYPED ANSWER Suppose there are two goods, pizza and beverage. Suppose alp=5289, atp=911, alb=2508, atb=2172, Pp=11400, and Pb=12500. What is the equilibrium wage?Ann has non-labour income M; hourly wage rate w. She can choose how many hours she works. She can use her income to purchase consumption, each unit of consumption has price p. (a) Initially, Ann decides not to work at all. Using a consumption-leisure diagram, explain her behaviour. (b) Now, her hourly wage rate increases to w’ > w. She decides to start working. Using an appropriate diagram, explain how she decides how many hours to work using substitution and income effects.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
- The MRP in the labor market is the derived ______________________for ____________. GraphEducation is related to income, in general. O True O FalseIf labor costs are 60 percent of production costs, then a 15 percent increase in wage rates would increase production costs by: A. 60 percentB. 45 percentC. 15 percentD. 9 percent