Could you solve the questions please? THANK YOU SO MUCH!!
Frank Gunter owns an apple orchard. He employs 32 apple pickers and pays them $11 per hour to pick apples, which he sells for $2.75 per box. If Frank is maximizing profits, what is the marginal revenue product of the last worker he hired? What is that worker's marginal product? Marginal revenue product of the last worker = $ per hour. (Enter your response as an integer.)What are the three most important variables that cause the market supply.r curve for labor to shift? The supply curve for labor shifts with changes in O A. the population, the quantity.f of other inputs, and the generosity of unemployment insurance. O B. the population, demographics, and opportunities in other labor markets. 0 C. human capital, demographics, and opportunities in other labor markets. 0 D. immigration, minimum wage legislation, and the wage rate. Q E. the population, the wage rate, and opportunities in other labor markets. Suppose that a large oil eld is discovered in Michigan. By imposing a tax on the oil, the state government is able to eliminate the state income tax on wages. What is likely to be the effect on the labor supply curve in Michigan? 0 A. The quantity of laborsupplied in Michigan will increase. O B. The quantity of labor supplied in Michigan will decrease if the income effect is largerthan the substitution effect. O C. The supply curve for labor in Michigan will shift to the left. 0 D. The quantity of labor supplied in Michigan will decrease if the substitution effect is larger than the income effect. 0 E. The supply curve for labor in Michigan will shift to the right. State whether each of the following events will result in a movement along the market supply curve of agricultural labor in the United States or whether it will Graph A cause the market supply curve of labor to shift. If the supply curve shifts, indicate 51 whether it will shift to the left or to the right in the provided graph. A decline in the agricultural wage rate will result in a the labor supply curve. shift in Wage movement along Quantity of laborIf the labor demand curve shifts to the right and the labor supply curve remains unchanged, what will happen to the equilibrium wage and the equilibrium level of employment? 1.} Use the line drawing tool to graph a new labor demand cunie that has shifted to the right as described above. Label this line 'Labor demandz'. 2.} Use the point drawing tool to indicate the new equilibn'um wage and equilibrium level of employment. Label this point 'PointA'. Carefully follow the instructions above. and only draw the required objects. Wage (dollars per hour) L1 Quantity of labor Labor supply Labor demand1 pa lfthe labor supply curve shifts to the right and the labor demand curve remains unchanged, what will happen to the equilibrium wage and the equilibrium level of employment? 1.} Use the tine drawing toot to graph a new labor supply curve that has shifted to the right as described above. Label this line 'Labor supply2'_ 2.} Use the point drawing toot to indicate the new equilibrium wage and equilibrium level of employment. Label this point 'PointA'. Carefutr'y foltow the instructions above, and only drew the required objects. Wage (dollars per hour) L1 Quantity of labor Labor supply1 Labor demand '03 Sean Astin, who played Sam in the Lord of the Rings movies, wrote the following about an earlier film he had appeared in: 'Now I was in a movie I didn't respect, making obscene amounts of money (five times what a teacher makes, and teachers do infinitely more important work) ...' Source: Sean Astin, with Joe Layden, There and Back Again: An Actor's Tale, New York: St. Martin's, 2004, p. 35. Are salaries determined by the importance of the work being done? If not, what are they determined by? Salaries are determined O A. by the marginal revenue product of the average worker hired and the supply of labor. O B. by the supply of labor. O C. by the importance of the work being done, as measured by the total value to society. O D. by the marginal revenue product of the last worker hired and the supply of labor. O E. by productivity, as measured by the marginal product of labor.Consider the labor market illustrated in the figure to the right. Suppose the price of the product decreases. What effect will this have on the Labor supply1 labor market? 1.) Use the line drawing tool to draw either a new labor demand curve (Labor demand2) or a new labor supply curve (Labor supply2 ) that shows the effects of this change. Properly label this line. 2.) Use the point drawing tool to indicate the new equilibrium wage and W1 employment level. Label this point 'Equilibrium'. Wage (dollars per hour) Carefully follow the instructions above, and only draw the required objects. Labor demand, Quantity of labor (employment)Fill in the blanks in the following table for Tommy's Televisions, where L is the number of workers, Q is the output of televisions per week, MP is the marginal 300- product of labor (television sets per week), P is the product price, MRP is the 270- marginal revenue product of labor (dollars per week), W is the wage rate, and PROFIT is the additional profit from hiring one more worker (dollars per week). 240- First, fill in the marginal product of labor. (Enter numeric responses using 210- integers.) 180- Q MP Marginal revenue product of labor, wage 150- 0 15 120- 29 OUAUN- O 42 60 54 65 30- . . . . . 75 Quantity of laborState whether each of the following events will result in a movement along the market demand curve for labor in electronics factories in China or whether it will Graph A cause the market demand curve for labor to shift. If the demand curve shifts, indicate whether it will shift to the left or to the right in the provided graph. A decline in the wage rate will result in a the labor demand curve. shift in MRP of labor, wage movement along D 1 Quantity of laborWhich of the following correctly explains the effect of a variable on the labor demand curve? O A. If the quantities of other inputs increase, then the labor demand curve will shift to the right. O B. If the price of the product increases, then we will move down the labor demand curve. O C. If the number of firms in the market increases, then we will move up the labor demand curve. O D. If the wage increases, then the labor demand curve will shift to the right. O E. If technology improves, then the labor demand curve will shift to the left.Suppose a firm produces cables for video games using workers according to the table and that its output sells for $1.00 per unit. 40- 387 Marginal 36- 34- Marginal Revenue 32- Workers Output Product Product 30- 0 28- 20 20 20 26- 24- 36 16 16 22 UIAWN- C 48 12 12 Wage AN 56 8 8 18 60 4 4 16- 14- Derive the firm's labor demand curve. 10 Use the line drawing tool to draw the firm's labor demand curve. Label this line . . . . . Demand'. Carefully follow the instructions above, and only draw the required objects. 2 Quantity of laborThe marginal revenue product oflabor (MRPL) for an employer is shown in the gure to the right. Suppose the market wage is $16.00 per hour. How many hours of labor should the employer hire? The employer should hire value.) hours of labor, (Enter your response as an integer Marginal revenue product of labor '1.\" _II 5:? In O 1 2 3 4 5 5 7 B 9 1O 11 Quantity of labor (hours) Suppose Sony makes PlayStation 3 using capital. In what way is capital a derived demand? Capital for Sony to make PlayStation 3 is a derived demand because O A. it depends on the average total cost of capital. 0 B. it depends on consumer demand for PlayStation 3. O C. it does not depend on the revenue Son}:r would receive from selling additional 3lav3tation 3s. O D. it depends on the cost of capital, but not on the price ofthe PlayStation 3. O E. it is relatively inelastic. Suppose a rm produces hardware that plays video games using workers according to the table below. Suppose also that its output sells for $200 per unit. Workers Output 0 32 48 56 60 62 th-wMko Is the rm experiencing the effects predicted by the law of diminishing returns? The rm Y experiencing diminishing returns. is is not A firm's marginal revenue product of labor (MRP) ) is shown in the figure to the right. Suppose human capital increases. Using the line drawing tool, show how the marginal revenue product of labor changes by drawing a new marginal revenue product of labor. Label the line "MRP2 " Carefully follow the instructions above, and only draw the required object. Marginal revenue product of labor MRP 1 Quantity of labor (hours)
