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questions microeconomics with answers 7 labour market 01 demand for labour the demand for labour is a derived demand explain 02 the labour market and the market for goods which ...

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             Questions Microeconomics (with answers)
             7 Labour market
              01 Demand for labour
                   The demand for labour is a derived demand. Explain.
              02 The labour market and the market for goods
                   Which effects has a rise in wages on the equilibria in the markets for goods.
                                   Case 1:                                         Case 2: 
                              Competition in the                               Monopoly in the  
                               market for goods                               market for goods 
                          $                                               $ 
                                             MC                                             MC 
                                                  D 
                                                                                           D 
                                                   Q                                               Q 
                                                       MC = Marginal cost 
                                                       D = Demand 
                                                       Q = Quantity 
              03 Demand for labour by an individual firm
                   (Short run: capital fixed)
                                    Wage /          Demand 
                                    Demand 
                                       Wage* 
                                                                        Labour services 
                   À Which forces determine demand?
                   À What happens to demand for labour if the produced goods become fashionable?
             QMICR7.DOC                    Page 1 (of 3)   7 Labour market                    7th July 2010
              04 The supply of labour by an individual worker
                                       Wage                Supply 
                                                                        Labour services 
                   Explain the backward bending supply curve.
              05 Minimum wage 1
                                       Wage                 Supply 
                                                            Demand 
                                                                        Labour services 
                   Which effects has a minimum wage?
              06 Minimum wage 2 (Employer is a monopsist.)
                                                            Marginal 
                                       Wage                 factor cost 
                                                            (Labour) 
                                                                  Supply 
                                                             Demand 
                                                                        Labour services 
                   Illustrate why in this case a minimum wage can even raise labour demand.
             QMICR7.DOC                    Page 2 (of 3)   7 Labour market                    7th July 2010
            07 Work or leisure time?
                                     Case 1:                             Case 2: 
                                Low (work) income                   High (work) income 
                        Income                               Income 
                                                                       IC 1 
                                  IC 1 
                                                                                           IC 2 
                                                  b 
                                                      IC 2 
                                                  a 
                                               24 hours                            24 hours 
                                      Work                                 Work 
                                    Leisure time                        Leisure time 
                                                 IC = Indifference curve 
                                                 a + b = non-work income 
                                                 b = fixe cost if working 
                             →   Answers. Click here!
           QMICR7.DOC                  Page 3 (of 3)   7 Labour market               7th July 2010
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...Questions microeconomics with answers labour market demand for the is a derived explain and goods which effects has rise in wages on equilibria markets case competition monopoly mc d q marginal cost quantity by an individual firm short run capital fixed wage services forces determine what happens to if produced become fashionable qmicr doc page of th july supply worker backward bending curve minimum employer monopsist factor illustrate why this can even raise work or leisure time low income high ic b hours indifference non fixe working click here...

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