What will be the equilibrium employment and wage, Microeconomics

+44 141 628 6080
[email protected]

What will be the equilibrium employment and wage

The following equations describe the labor market for nurses in a small Midwestern town along the Ohio River.

w = 500 - 0.20L Demand
w= 20 + 0.3L Supply
w = 20 + 0.6L Marginal Wage Cost

a. Suppose that the nursing market is monopsonistic. What will be the equilibrium employment and wage?

b. Suppose that the nursing market is competitive. What will be the equilibrium employment and wage?

Consider the market for labor in the retail service industry. Below are the demand and supply conditions. The technology is such that labor produces output with the production function:

Q = -.25L2 + 175L
MPL=-.5L+ 175

a. If the price obtained by selling output is $2, write and expression for the MRPL.

b. Suppose that workers can be hired competitively at a wage of $200. How many workers will they hire at this wage?

c. Now suppose that the retail industry is the sole employer. In this case, they face an upward sloping supply curve for labor given by w=L + 50 and the MEL=2L + 50. How many workers will they hire and what wage will the players be paid?

View Complete Question

Request for Solution File

Ask an Expert for Answer!!

Microeconomics: What will be the equilibrium employment and wage

Reference No:- TGS071347

Expected delivery within 24 Hours

Have a Question? (oR Write a Review)

Write atleast 100 words!!

Recent Questions Asked Microeconomics

Q : What were results if person received counter conditioning

Have you ever known anyone with one of these conditions? How did it manifest itself? If the person received counter conditioning to correct the condition, what were the results?

Q : What is the standard direct material cost for cloth

Each unit of a finished product contains 2 yards of cloth. However, there is unavoidable waste of 20%, calculated on input quantities, when the cloth is cut for assembly. The cost of the cloth is $3 per yard. what is the standard direct material c

Q : Determine the tr-max level of output and price

Calculate the point elasticity of demand at this TR-maximizing price and quantity. Does the elasticity have the expected value? Explain. Use calculus to determine the TR-max level of output, price, and TR (as you did in part a).

Q : What was a favorable direct material quantity variance

Cox Company's direct material costs for the month of January were as follows: For January what was a favorable direct material quantity variance ?

Q : What will be the equilibrium employment and wage

The following equations describe the labor market for nurses in a small Midwestern town along the Ohio River. Suppose that the nursing market is monopsonistic. What will be the equilibrium employment and wage?

Q : What was the materials price variance for july

The Porter Company has a standard cost system. In July the company purchased and used 22,500 pounds of direct material at an actual cost of $53,000; the materials quantity variance was $1,875 Unfavorable; and the standard quantity of materials all

Q : How many units have to sell in order to turn a profit

If consumers were willing to pay $2.00 to purchase each gallon of fresh drinking water, how many units did she have to sell in order to turn a profit? Explain carefully.

Q : What was the direct labor efficiency variance

Yola Company manufactures a product with standards for direct labor of 4 direct labor-hours per unit at a cost of $12.00 per direct labor-hour. During June, 1,000 units were produced using 4,100 hours at $12.20 per hour. what was The direct labor

Q : What is the labor efficiency variance for the month

The following labor standards have been established for a particular product: What is the labor efficiency variance for the month?

1948710

Questions
Asked

3,689

Active Tutors

1425530

Questions
Answered

Start Excelling in your courses, Ask a tutor for help and get answers for your problems !!

ask Question

Request for Solution File

Ask an Expert for Answer!!

Microeconomics: What will be the equilibrium employment and wage

Reference No:- TGS071347

Have a Question? (oR Write a Review)

Recent Questions Asked Microeconomics

Q : What were results if person received counter conditioning

Q : What is the standard direct material cost for cloth

Q : Determine the tr-max level of output and price

Q : What was a favorable direct material quantity variance

Q : What will be the equilibrium employment and wage

Q : What was the materials price variance for july

Q : How many units have to sell in order to turn a profit

Q : What was the direct labor efficiency variance

Q : What is the labor efficiency variance for the month

What is the concluded viewpoint on democracy

Discuss feature of the riot grrrl counterculture movement

Create a fictitious student

What best describes the impact of immigration on country

Review the conclusion of police officers best friend

What is the focus of social regulation in societies

Do subcultural theories adequately account for the influence

Request for Solution File

Ask an Expert for Answer!!

Microeconomics: What will be the equilibrium employment and wage

Reference No:- TGS071347

Recent Questions Asked Microeconomics

Q : What were results if person received counter conditioning

Q : What is the standard direct material cost for cloth

Q : Determine the tr-max level of output and price

Q : What was a favorable direct material quantity variance

Q : What will be the equilibrium employment and wage

Q : What was the materials price variance for july

Q : How many units have to sell in order to turn a profit

Q : What was the direct labor efficiency variance

Q : What is the labor efficiency variance for the month

Asked Questions