M Impor 2 Post A Word Sign . D21 Fir X Z Launcorker 0 Mail- Word w Modu Presel w Docur S Estelle Beaut | New 1 Transe myTra @ (65) B MyWF| New 1| Cours ChatG L Unive + X F -> C a https://brightspace.ccc.edu/d21/le/content/252173/viewContent/8786917/View Final Exam 1:53:41 remaining X Page 1: 1 2 3 -- -- 6 Question 12 (4 points) The information below is for a competitive labor market. 8 9 Marginal -- -- Quantity of Value of Labor Demanded Product of Price MPL Labor 10 11 12 -- -- 100 10 $5 X 150 8 $5 $40 13 14 200 16 $5 $30 -- -- 250 14 $5 $20 Quiz Information Quantity of Labor Wage Supplied 50 $10 100 $20 200 $30 300 $40 (a) Calculate the value of the marginal product of labor at X. (b) Find the equilibrium wage. (c) Find the equilibrium quantity of labor employed. 1 83.F ENG 8:20 PM Mostly sunny Q Search US 7/28/2023M Impor 2 Post A Word Sign D2L Fir X 2 Launcorker 0 Mail- Word w Modu Presel w Docur S Estelle Beaut New 1 Trans myTra @ (65) B MyW| New 1| Cours ChatG L Unive + X F -> C a https://brightspace.ccc.edu/d21/le/content/252173/viewContent/8786917/View Final Exam 1:53:37 remaining X Page 1: Question 13 (6 points) 1 2 3 -- -- (a) Would you expect unionization to cause wages to increase, decrease, or remain the same relative to a non-unionized labor equilibrium? 4 6 -- -- (b) Would you expect unionization to cause the quantity of labor employed to increase, decrease, or remain the same relative to a non-unionized labor equilibrium? 8 9 -- -- (c) Offer two ways that unions can increase worker productivity. 10 11 12 -- -- 13 14 -- -- A Quiz Information Question 14 (6 points) State three ways that the government could reduce income inequality. Briefly explain how these programs would reduce inequality. 1 83.F ENG 8:21 PM Mostly sunny Q Search US 7/28/2023