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KAPLAN MT445 UNIT 3 ASSIGNMENT LATEST 2016 FEBRUARY

Question # 00234563
Subject: Economics
Due on: 05/02/2016
Posted On: 04/02/2016 12:32 AM

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Unit 3 Assignment

Student Name:

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

1.Is the price elasticity of demand for gasoline more elastic over a shorter or a longer period of time? Explain.

2. Is the price elasticity of supply, in general, more elastic over a shorter or a longer period of time? Explain.

3.Why is the supply curve for labor usually upward sloping?

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

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

b. 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?

c. 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?

d. Assume this industry is dominated by non-union workers. How would the equilibrium wage compare to that earned in a similar industry with similarly skilled union workers? Explain.


5. 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?

Directions for Submitting your Assignment

Complete your Assignment in this Microsoft Word document and save it as Username-MT445Assignment-Unit#.doc (Example:TAllen-MT445Assignment-Unit3.doc). Submit your file by selecting the Unit 3: Assignment Dropbox by the end of Unit 3.

Unit 3 Assignment

Content and Analysis

Points Possible

Points Earned

Problem #1

Is the price elasticity of demand for gasoline more elastic over a shorter or a longer period of time? Explain.

6

Problem #2

Is the price elasticity of supply, in general, more elastic over a shorter or a longer period of time? Explain.

6

Problem #3

Why is the supply curve for labor usually upward sloping?

6

Problem #4

In the graph below, assume that the market demand curve for labor is initially D1. Answer the following questions. (a – d)

8

Problem #5

Use the following data to answer the questions below. Assume a perfectly competitive product market. (a – b)

8

Writing Style, Grammar, and APA Format.

6

Total

40

Tags 0 february latest aignment mt445 unit kaplan labor demand aume problem curve wage aignment questions following time supply market shorter answer elastic rate level equilibrium price product unit constant things happens data elasticity longer period explain

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KAPLAN MT445 UNIT 3 ASSIGNMENT LATEST 2016 FEBRUARY

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Tutorial Preview …to xxxx and xxx fall people xxx look into xxxxxx cars xxxx xx fuel xxxxxxxx like hybrid xxxxxxxx 2 Is xxx price xxxxxxxxxx xx supply, xx general, more xxxxxxx over a xxxxxxx or x xxxxxx period xx time?…
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KAPLAN-MT445-UNIT-3-ASSIGNMENT-LATEST-2016-FEBRUARY.doc (85 KB)
Preview: elasticity xx demand xxx gasoline more xxxxxxx over a xxxxxxx or x xxxxxx period xx time Explain xx I believe xxxx a xxxxxx xxxxxx of xxxx that the xxxxx elasticity of xxxxxx for xxxxxxxx xx more xxxxxxx because gas xxxxxx usually rise xxxx time xxxx xx fall xxx to election xxxx However, if xxx increase xxxxxxxxx xx rise xxx not fall xxxxxx may look xxxx buying xxxx xxxx is xxxx friendly like xxxxxx vehicles 2 xx the xxxxx xxxxxxxxxx of xxxxxxx in general, xxxx elastic over x shorter xx x longer xxxxxx of time xxxxxxx a) I xxxxxxx it xxxxxxx xx the xxxxxxxx it may xxxxxx between products xx I xxxxxxx xxx that xxxxx elasticity of xxxxxx in general, xx more xxxxxxx xxxx a xxxxxx time 3 .....
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