The labor market portray graphically the outcomes

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PART TWO: THE LABOR MARKET Portray graphically the outcomes of before and after the imposition of minimum wage in the following TWO hiring scenarios of Kellogg’s firm. (draw all curves on one graph so comparisons can be made). FIRM A: Kellogg’s firm hiring economic advisors who are each deemed to be heterogeneous to whom the firm can practice wage differentiation. Label the curves Value of Marginal Product for Firm A as VMPA, Marginal Revenue Product for Firm A as MRPA, Supply of Labor for Firm A as SLA, Wage curve for firm A as WA, Marginal Factor Cost for Firm A as MFCA. Label the wage paid by Firm A before minimum wage imposition as WA1 and wage paid by Firm A after the minimum wage imposition as WA2. Label the amount of labor hired before minimum wage imposition as LA1 and the amount of labor hired after the minimum wage imposition as LA2. FIRM B: Kellogg’s firm hiring janitors whose labors are deemed to be homogeneous. . Label the curves Value of Marginal Product for Firm B as VMPB, Marginal Revenue Product for Firm B as MRPB, Supply of Labor for Firm B as SLB, Wage curve for firm B as WB, Marginal Factor Cost for Firm B as MFCB. Label the wage paid by Firm B before minimum wage imposition as WB1 and wage paid by Firm B after the minimum wage imposition as WB2. Label the amount of labor hired before minimum wage imposition as LB1 and the amount of labor hired after the minimum wage imposition as LB2.

Reference no: EM13982486

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