Reference no: EM131435554
Assignment: Economics of labor
Answer each question in a paragraph with a 200 + word counts. If citing please include reference
1. What is marginal revenue product, and how does it work?
2. Consider why some workers earn higher wages than others, some landowners higher rental income than others, and some capital owners greater profit than others? Why, in particular, do computer programmers earn more than gas station attendants?
3. What is a minimum wage, and how does it work?
4. Understand the factors that determine wages which are largely responsible for determining how the economy's total income is distributed among the various members of society.
5. List five reasons why government's solution to a market failure could worsen the situation.
6. What will be other types of fallout and economic ramifications of a price floor like a minimum wage (e.g., underground market, deadweight losses, economic shrinkage, etc)?
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