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# Kaplan University MT445 unit 6 assignment

Question # 00016274
Subject: Economics
Due on: 06/21/2014
Posted On: 05/27/2014 02:50 PM

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Unit 6 Assignment

Student Name:

Please answer the following questions. Submit as a Microsoft Word® document to the Dropbox when completed.

1. How can we measure the opportunity cost of leisure? Why is the supply curve for labor usually upward sloping?

2. In the graph below, assume that the market demand curve for labor is initially D1. Answer the following questions.

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a. What are the equilibrium wage rate and employment level?

b. What area represents economic rent?

c. Assume that the price of a substitute resource decreases, other things constant. What happens to demand for labor?

What are the new equilibrium wage rate and employment level?

What happens to economic rent?

d. Suppose instead that demand for the final product increases, other things constant. Using labor demand curve D1 as your starting point, what happens to the demand for labor?

What are the new equilibrium wage rate and employment level?

What happens to economic rent?

3. Use the following data to answer the questions below. Assume a perfectly competitive product market.

Units of Labor Units of Output

0 0

1 8

2 12

3 17

4 21

5 23

a. Calculate the marginal revenue product at each level of labor input if output sells for \$4 per unit.

b. If the wage rate is \$15 per hour, how much labor will be hired?

c. What is the firm’s total revenue and total amount paid for labor at the level of labor input you determined in (b)?

Complete your assignment in this Microsoft Word® document and save it as Username-MT445Assignment-Unit#.doc (Example:TAllen-MT445Assignment-Unit6.doc). Submit your file by selecting the Unit 6: Assignment Dropbox by the end of Unit 6.

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#### Kaplan University MT445 unit 6 assignment

Tutorial # 00015723
Posted On: 05/27/2014 02:51 PM
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Kaplan_University_MT445_unit_6_assignment.doc (79.5 KB)
Preview: labor xxxxxx falls xx D2 What xxx the new xxxxxxxxxxx wage xxxx xxx employment xxxxx Wage c xxxxxxxx e What xxxxxxx to xxxxxxxx xxxx Economic xxxx falls to xxxx cvt Suppose xxxxxxx that xxxxxx xxx the xxxxx product increases, xxxxx things constant xxxxx labor xxxxxx xxxxx D1 xx your starting xxxxxx what happens xx the xxxxxx xxx labor xxxxxx increases to xx What are xxx new xxxxxxxxxxx xxxx rate xxx employment level xxxx a quantity x What xxxxxxx xx economic xxxx Economic rent xxxxx to area xxx 3 xxx xxx following xxxx to answer xxx questions below xxxxxx a xxxxxxxxx xxxxxxxxxxx product xxxxxx Units of xxxxx Units of xxxxxx 0 x x 8 x 12 3 xx 4 21 x 23 xxxxxxxxx xxx marginal.....
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