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The market labor supply curve is typically:
-
perfectly inelastic.
-
downward sloping.
-
upward sloping.
-
perfectly elastic.
Step by step
Solved in 3 steps
- If labor supply of unskilled workers is perfectly elastic, then a) the labor supply curve of unskilled workers is horizontal at the market-clearing wage. b) the labor supply curve of unskilled workers is vertical at the total number of unskilled workers in the market. c) firms face an increasing marginal cost of hiring unskilled labor. d) workers will supply more hours of labor to the market when wages increase. c) firms face a horizontal value of marginal product of employment curve.The marginal cost of a unit of labor in a perfectly competitive labor market is a ) its average MRP. b ) equal to product price. c ) the market wage rate. d ) equal to MRP.A firm’s technology requires it to combine 5 person-hours of labor with 3 machinehours to produce 1 unit of output. The firm has 15 machines in place and the wage rate rises from $10 per hour to $20 per hour. What is the firm’s short-run elasticity of labor demand?
- Suppose a firm purchases labor in a competitive labor market and sells its product in a competitive product market. The firm’s elasticity of demand for labor is -0.4. Suppose the wage increases by 5 percent. What will happen to the number of workers hired by the firm? What will happen to the marginal productivity of the last worker hired by the firm?One of these four answers could cause the demand curve for labor to shift to the right. Which one? Group of answer choices a decrease in the firm's product price an increase in demand for the firm's product a decrease in labor productivity an increase in the wage ratewrite down the optimization problem for a representative firm and show the profit-maximizing point graphically and discuss about it. b) Derive the rule of labor hiring for a firm that operates in the short-run.
- Suppose a competitive firm is paying a wage of $12 an hour and sells its product at $3 per unit. Assume that labor is the only input. If the last worker hired increases output by three units per hour, then to maximize profits the firm should not change the number of workers it currently hires. lay off some of its workers. hire additional workers. There is not enough information to answer the question.Explain the relationship between the own-wage elasticity of labor demand and output demand elasticity. labour costs as a share of total costs of production.Which of the following would shift a market labor supply curve to the left? Group of answer choices A decrease in the wage rate A decrease in worker productivity A decrease in the price of output An increase in the number of families deciding to have one parent stay at home to raise their children
- Which of the following is not true? Multiple Choice The demand for labor for a firm selling in a purely competitive product market is less elastic than the demand for labor for the firm selling under imperfect competition in the product market. All of the other answers are true. The supply of labor for the firm hiring under purely competitive conditions is more elastic than the supply of labor for the firm hiring under imperfectly competitive conditions. The long-run demand curve for labor is more elastic than the short-run demand curve for labor. The market demand curve for labor is more inelastic than the firm's demand curve for labor.Consider a competitive firm in both input and output markets. The production function for this firm is given by q = 10 (KL)^.2. The price of K is $1 and the price of the output is $5. Derive the demand for labor when K is variable.Suppose a firm purchases labor in a competitive labor market and sells it product in a competitive product market. The firm's elasticity of demand for labor is -2.50. Suppose the wage increases by 4%. By what percentage will the quantity of labor hired by the firm change? Show your work.
