User Account

All Pages

What will happen to the number of workers hired by the firm

Assignment Help Microeconomics
Reference no: EM132180331

Question: 1. Suppose the supply curve for labor is backward bending over most of its range. The government now imposes a minimum wage in this labor market. What is the impact of the minimum wage on employment? Does it matter which of the two curves (supply or demand) is "more" downward sloping? Why?

2. The firm's elasticity of demand for labor is -0.4. Suppose the firm experiences an increase in productivity such that at every level of employment its output is 2 percent higher than before. What will happen to the number of workers hired by the firm?

Reference no: EM132180331

Questions Cloud

How many workers would lose the jobs : Suppose that the supply curve of labor in a competitive industry is given by Es = 10 + w; and the demand curve for labor is given by ED = 40 - 4w.
What will happen to the number of workers hired by the firm : The firm's elasticity of demand for labor is -0.5. The firm sells its output at $20 per unit, and the wage rate is $15 per hour.
Evaluate them using triple bottom line reformulate : Describe all three and evaluate them using the “triple bottom line” Reformulate one of the statements based on your evaluation.
To acquaint with basic and advanced financial research tools : To acquaint with basic and advanced financial research tools and expose them to various industry and research data and methodology.
What will happen to the number of workers hired by the firm : The firm's elasticity of demand for labor is -0.4. Suppose the firm experiences an increase in productivity such that at every level of employment its output.
In which direction will the substitution effect change : Consider a firm where production depends on two inputs-labor and capital-with prices w and r, respectively. Initially the firm faces market prices of w = 6.
How is advertising and sales promotion similar : What would be your goals in terms of advertising new program to current and prospective students? How is advertising and sales promotion similar? Dissimilar?
What does leadership mean to you : What does "leadership" mean to you? What do you believe are the traits of an effective leader?
Which union would be more successful in an organizing drive : Union A wants to represent workers in a firm that hires 20,000 workers when the wage rate is $4 and hires 10,000 workers when the wage rate is $5.

Reviews

Write a Review

Microeconomics Questions & Answers

  The free rider problem

Question: Explain why the free rider problem makes it difficult for perfectly competitive markets to provide the Pareto efficient level of a public good.

  Failure of the super committee is good thing for economy

Some commentators have argued that the failure of the “Super committee” is good thing for the economy?  Do you agree?

  Case study analysis about optimum resource allocation

Case study analysis about optimum resource allocation: -  Why might you suspect (even without evidence) that the economy might not be able to produce all the schools and clinics the Ministers want? What constraints are there on an economy's productio..

  Fixed cost and vairiable cost

Questions:  :   Which of the following are likely to be fixed costs and which variable costs for a chocolate factory over the course of a month?  Explain your choice.

  Problem - total cost, average cost, marginal cost

Problem - Total Cost, Average Cost, Marginal Cost: -  Complete the following table of costs for a firm.  (Note: enter the figures in the  MC   column  between  outputs of  0 and 1, 1 and 2, 2 and 3, etc.)

  Oligopoly and demand curve problem

Problem based on Oligopoly and demand curve,  Draw and explain the demand curve facing each firm, and given this demand curve, does this mean that firms in the jeans industry do or do not compete against one another?

  Impact of external costs on resource allocation

Explain the impact of external costs and external benefits on resource allocation;  Why are public goods not produced in sufficient quantities by private markets?  Which of the following are examples of public goods (or services)? Delete the incorrec..

  Shifts in demand and movements along the demand curve

Describe the differences between shifts in demand and movements along the demand curve. What are the main factors which can shift the demand curve? Explain why they cause the demand curve to shift. Use examples and draw graphs to support your discuss..

  Article review question

Article Review Question: Read the following excerpts from the article "Fruit, veg costs surge' by Todd, Dagwell, published in the Herald on January 25th 2011 and answer questions below:

  Long-term growth, international trade & globalization

Long-term Growth, International Trade & Globalization:- This question deals with concepts such as long-term growth, international trade and globalization. Questions related to trade deficit, trade surplus, gains from trade, an international trade sce..

  European monetary union (emu) in crisis

"Does the economic bailout of Spain and Greece spell the beginning of the end for the European Monetary Union (EMU)?"

  Development game “settlers of catan”

Read the rules of the game, the overview and the almanac for the Development Game "Settlers of Catan"

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd