1.Name the unnamed curves in diagram #1 Diagram #1 b. Average Reane Preshet labe

Question

1.Name the unnamed curves in diagram #1 Diagram #1 b. Average Reane Preshet labe 2. Using diagram #1 Deb n gabor MARKT (1) price oflabor or (w)= 20 (2) total employment in the LABOR MARKET-COK (3) state the condition satisfied at w': vpply b. determine the following for ONE firm at the competitive equilibrium wage (w) MRP itt --... 60 TO Demand (1)MPahor to the firm = (2) the guantity of labor employed by the firm()-T 3) the wage bill (total labor costs to the firm- (4) the total revenue earned by the firm = (5) the marginal product of the last labor hired if the price and marginal revenue of the product is $10Ab (assume the firm is producing cherries and selling cherries at $10/1b and hence MR $10Mb) 3. Using a short phrase explain the MOVEMENTalong following:(remember a curve has two variables) a. the negative slope of the MRP curve: as the firm employs additional laborers, the MRPaber will b. the negative slope of the ARP curve: as the firms employs more laborers, ARPbr will the components of the Demand curve for labor are: determine the following if the laborers forms a labor union and: (1) if the union leaders' objective is to maximize total employment (a) the wage that would maximize total employment (b)the total employed at that wage = (2) if the union leaders' objective is to maximize aggregate income (a) the wage that would maximize aggregate income (b) the total employed at that wage- (3) if the union leaders' objective is to maximize rental income (a) the wage that would maximize rental income (b )the total employed at that wage = Determine the following using diagram #2

Explanation / Answer

The wage that maximises rental income is lowest possible but it should equilbrate market of individual labour. Here it is also 320.remember if it is greater labour force will multiply more. It should follow iron law of wages. Rental income is inversely related with wage

Related Questions

Navigate

• Browse (All)
• Browse 1
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.