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jooption=hidemenu* 509 /*http:... A Assessment Option 1 Option 2 Rubric Operum is a firm that hires unskilled laborers in a perfectly competitive factor market. (a) Draw side-by-side graphs for the whole labor market and for Operum, Label the market supply Sy the market demand DL the equilibrium wage WE, the equilibrium quantity Of, the wage paid by Operum Wo, and the quantity hired by Operum Oo. (b) Is WE greater than, equal to, or less than the marginal factor cost of unskilled labor at On? Explain. (c) The government institutes an effective minimum wage for unskilled labor. Illustrate this on your graphs from part (a). Label the minimum wage WMin. On the graph for Operum, label the new quantity of unskilled labor employed QMin (d) Ceteris paribus, how will the minimum wage from part (c) affect the market's demand for unskilled labor and its quantity demanded for unskilled labor-will each increase, decrease, or stay the same? Explain. (e) Will the minimum wage cause the marginal revenue product of Operum's last worker hired to increase, decrease, or stay the same? f) If the minimum wage is $15 per hour and OMin is 6 workers, what will Operum's total resource cost for labor be per hour? g) What would happen to Operum's demand for unskilled labor if the demand for the product it makes increases? DownloadBottom Line Just like supply and demand in the output markets, the input markets reveal the interplay of supply and demand. This time, though, it's for labor, land: and capital, In the labor market, the wage rate is the price of labor, Firms will pay varying amounts for every quantity of labor based jan the output products price, the productivity of the laborers, and the productivity offalternative inputs such as capital machinery. On the supply side, individuals in households will be willing and able to work at different wage rates based on cultural values, their total number, and what requirements the government may impose on them to supply their labor. ^ surplus of labor represents unemployed people. Assessment Option 1 Option 2 Rubric Operum is a firm that hires unskilled laborers in a perfectly competitive factor market (ol Draw side by side graphs las the whole labor market and for Operum. Label the market supply S, the market demand De the equilibrium wage We, the equilibrium quantity Q. the wage paid by Operam We and the quantity hired by Operum Qo. bils Wi greater than equal to. of less than the marginal factor cost of unstalled labor at Qo/ Expoin. () The government institute! " Isfilthurn wage for unskilled Isbar Illustrate this on your graphs from part (a). La bet the minimum wage wire On the graph for Operum.Jabal the now quantity of unslulled labor employed Omar leh Cetens paribus, hew will the m est the market s demons Fair unskilled urschel pretty the samed explains key will the minimum wage cause they laborpe per hour If Download