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a. If you were given a labor market diagram showing labor demand and labor supply, and there was an equilibrium in that labor market, how could you find the equilibrium? b. Are wages the same for all labor market participants? (For example, do people with only high school diplomas typically earn the same wages as people with doctoral degrees?) 2. (2 points) The U.S. labor market has historically discriminated against a variety of groups. What are some examples of groups who have faced labor market discrimination in the United States? 3. (2 points) Suppose you have never worked a job before and you are applying to work at a large, established fast food chain. Briefly explain why that fast food chain might have an advantage over you during bargaining (i.e. during the negotiations for whether you end up being hired/your wage/working hours). 4. (2 points) The table below shows levels of employment (Labor), the marginal product at each of those levels, and the price at which the firm can sell output in the perfectly competitive market where it operates. Labor Marginal Product of Labor Price of the Product Value of the Marginal Product of Labor 8 $20 2 $20 6 $20 UI $20 $20 a. Fill in the final column of the table by calculating the value of the marginal product of labor. b. If the firm operates in a perfectly competitive labor market where the going market wage is $120, what is the firm's profit maximizing level of employment, i.e. Labor? 5. (2 points) The table below shows levels of employment (Labor), the marginal product at each of those levels, and a monopoly's marginal revenue. Labor Marginal Product of Labor Marginal Revenue |Marginal Revenue Product 1 28 $20 2 124 $15 3 120 $11 4 16 $8 15 12 $6 a. Fill in the final column of the table by calculating the value of the marginal product of labor. b. If the firm operates in a perfectly competitive labor market where the going market wage is $128, what is the firm's profit maximizing level of employment? CHAPTER 15