(Need help with the following questions)

CHAPTER 11

1.Consider the labor market.

a. Describe the shape the labor demand curve. Where does it get this shape? Name 3 factors that could cause the labor demand curve to shift.

b. Consider the labor supply curve.If there is an increase in the hourly wage, describe what happens to paid work hours. Include a discussion of the income effect and the substitution effect in your response.What is a backward bending labor supply curve? Explain.

2. Nicole works as a research assistant. When her wage rate was $20 per hour, she worked 35 hours per week. When her wage rate rose to $30 an hour, she decided to work 40 hours per week. When her wage rate rose further to $40 an hour, she decided to work 30 hours per week.

a. Draw Nicole's individual labor supply curve. Indicate on your graph the range of wages over which the income effect dominates for Nicole and the range of wages over which the substitution effect dominates.

b. EXPLAIN your answer above.

CHAPTER 12

1. List and describe the three types of discrimination. Provide an example for each.

2.Define compensating wage differentials. How might they contribute to differences in wages by gender?

CHAPTER 13

1.Using data presented in the tables/figures in the PPT slides to answer the questions below. Use specific data in your responses.

a. Describe the role that education plays in reducing income inequality.

b. Describe the role that education plays (or does not play) in reducing wealth inequality.

2. Describe the basics of Social Security. Describe the basics of the Earned Income Tax Credit.

CHAPTER 14

1. Review the graphs that show a firm's demand curve and marginal revenue curve (both for a situation in which the business has market power and a firm that operates in a perfectly competitive market).Note that the marginal revenue curve for a business with market power lies below the firm's demand curve at each level of output (beyond the first unit)? Why is this the case?Is this also true for a firm in a perfectly competitive market? EXPLAIN.

2. Consider the information presented in the table below.Using this information to answer the questions below.

a. WRITE the formula for total revenue and fill in the correct numbers for total revenue in the table.Write the formula for marginal revenue and fill in the correct numbers for marginal revenue in the table.

b. Determine the firm's profit-maximizing level of output. EXPLAIN your response.

$ Price | Quantity Sold| Total Revenue| Marginal Revenue| Marginal Cost

$900 |1 | | |$2,000

$800 |2 | | |$1,000

$700 |3 | | |$2,000

$600 |4 | | |$3,000

$500 |5 | | |$4,000

See Next Page for Questions for Chapter 15

CHAPTER 15

1.Use the graph below to answer the questions below.

a. Is this firm earning positive economic profit, negative economic profit, or zero economic profit? EXPLAIN how you know.

b. Given your answer above, do you expect a new firm to enter the industry? Why or why not? Do you expect an existing firm to leave this industry?Why or why not? EXPLAIN your response.

2. Consider these three types of costs:average cost, variable cost, and average fixed cost.

a. Sketch a graph of all three of these cost curves all on one graph. Put $$ on the vertical axis and put quantity produced on the horizontal axis. Sketch these curves all on a single graph: Average cost, variable cost, and average fixed cost.

b. Write the formula for all three of these costs. Also, write the formula for total revenue, average revenue, and profit.

AutoSave . Off) Module Three Problem Set_Chs 11 - 15 - Word Search A rodrigp45@outlook.com R X File Home Insert Design Layout References Mailings Review View Help Share Comments & Cut Find Calibri (Body) 11 ~ A" A Aa Ap AaBbCcDd AaBbCcDd AaBbCc AaBbCct Ad B AaBbCcD Lol Paste [ Copy S'c Replace Format Painter BIU ab X X A LA 1 Normal 1 No Spac... Heading 1 Heading 2 Title Subtitle Dictate Sensitivity Editor Reuse Select v Files Clipboard Font Paragraph Styles Editing Voice Sensitivity Editor Reuse Files | CHAPTER 15 1. Use the graph below to answer the questions below. Price or cost Average cost Initial firm demand curve Quantity a. Is this firm earning positive economic profit, negative economic profit, or zero economic profit? EXPLAIN how you know. b. Given your answer above, do you expect a new firm to enter the industry? Why or why not? Do you expect an existing firm to leave this industry? Why or why not? EXPLAIN your response. 2. Consider these three types of costs: average cost, variable cost, and average fixed cost. Page 3 of 3 643 words X "D Focus + 100% Type here to search O W P N EPIC 8:02 PM 8/16/2021