ECON Final Ch. 1-13

If a chair can be sold for $20 and it takes a worker two hours to make a chair, the marginal revenue product of this worker is

$10 per hour

Table 30.2 shows how many hairstyling appointments a hair salon can schedule per week based on the number of stylists. In the spaces provided, compute the marginal physical product (MPP) of the hair stylists, total revenue, and marginal revenue product of the stylists, assuming that a hair stylist charges $60 per appointment. What is the marginal physical product of the fourth hairstylist?

0

The number of people employed in the competitive market depicted in Figure 30.2 at a wage of $20.00 per hour is

160

Assume that the product price is $4 per unit and that the hourly wage for workers is $12. Neither price nor wage changes with output. In Table 30.1, the marginal physical product of the third worker hired is

5 units per hour

By how much would the quantity of labor demanded decrease if a minimum wage hike raised prevailing wages from $8 to $10 an hour and if the elasticity of labor demand were 0.45?

9.99

An individual's labor supply curve

Slopes upward initially, and then may bend backward.

One In the News article is titled "Challenging Work and Corporate Responsibility Will Lure MBA Grads." In the headline, which of the following determinants of labor supply is most explicitly mentioned?

Tastes

Which of the following is not consistent with a minimum wage that is set above the equilibrium wage?

There will be no unemployement

Democrats argue that labor demand is _______, so ________ jobs will be lost when the minimum wage is raised.

inelastic; few

The willingness and ability to work specific amounts of time at alternative wage rates is known as

labor supply

what was the situation in the 2016 Berlin labor market?

labor surplus

The elasticity of labor supply does not depend on

the demand of labor