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d) We aw have another shoal: and that is it is nextto impossible to keep wurkers at $100 per [fay 7 so you decide to raise wages [:0 keep you wankers and that newwage is $120 per day. Please ll inthe following table e) How many workers willyuuhire and what is your maximum. mat in unminal terms when the price ofyour output is MO? [11 real terms? Note, this is when the wage is 5120. 1) How many workers will you hire and when is yum maximum piol in nominal terms when the price ofthe ompm is $12? In real terms? Note, this is Whl the wage is $120, 3) In the wane below, draw two supply curves 7 redraw the supply curve from part. 5] above (with points A and B) and lhm add the new supply curve when wages are $120, Be sure to put all the shj Variables in parmthaaes next to the two supply curves (like we did in class), Please label as point C whmthe price is $10 and as point D when the price is $12, h) The nal shock is a productivity shock in the happy direction where the marginal produn: of labor, ne MPN, rises by 2 for EACH worker. We go back to original conditions with wags (W) = $100, Please ll in the following Table i) Howmauyworkerswillyouhixeandwhatisyourmaximmprotinnominalterms when the price ofyour output is $10? [11 real terms? Note, this is when the wage is $100, j) How many workers will you hire and what is your maximum prot in nominal terms whenthe price ofthe output is $12? In real nerms?Notae, this is whenthe wage is $100. 1:) Inthe space below, draw three supply curves redraw the two supply curves from above (completely labeled with points CD) and adii the new supply Cline givm the prouctivity shock. Be sure I]: put all the shi variables in parentheses next to all three supply curves, On this third supply curve, please label as point E when: the price is $10 and as point. F when the price is $12, Suppose that the Workers that are more productive ask for a raise since their increase in productivity was the reason your prots went up. Assuming that your output price is $10, calculate the number of workers that you would hire, your nominal prot, your real prot ifyouraisedthennminalwagetoSllOanrl eomparetoyouranswers inparta) above {assume youhire the kaH even though you break even on than!) Are your answers consistent with the New Economy years in the mid to late1990's? Be sure to refer to economic gram}: (what happened to Y7), unempll'mmt rates, prots (stock market), real wages and government tax revenue I 3. You can hire a]! the Workers you want at $100 per wmken The output price ofyoui' pmihct is $10. Fill inthe Table below a) How many workers will you hire and what is your maximum prot in nominal terms? In real beans? 1)) Suppose due to the phone ringing off the hook= you decide the raise the price ofyour outputi fill in the P = $12 columns. How many workers will you hire now and What is your maximum prot inimminal terms? In real terms? c) In the space below, draw the supply curve for your rm. Be sure to put Blithe shi variables in parentheses next to the supply cunzL'Elmse label as point A Whm the price is $10 and aspuintB whmtheprice is $12
