Identify each of the following as representing a shift of, or movement along the labor demand curve
The wage changes from $10 to $11 shift or movement?
The price of the output good falls
Unemployment begins to rise generally
The number of workers demanded rises
Weather patterns change consumer behaviors
The interest rate rises
The number of workers demanded at any given wage changes
Provide answers to each of the following based on LD = 500 – 20W
What is the wage when labor demanded is equal to 220?
What is the labor demanded when the wage is equal to $17?
At what wage will this firm demand 0 workers?
How many workers might his firm demand when the wage is equal to 0?
Graphing/Calculating Questions: Draw each graph on paper and take clear photographs by smart devices
Provide a properly labeled and appropriately articulated Labor Demand curve when LD = 42-3W.
On a separate graph, using LD = 42-3W as a starting curve, indicate the change when wages change from $8.00 to $10.00.
On a separate graph, using LD = 125-9W as a starting curve, indicate the change when consumers increase their demand for the output good produced by firms in this labor market.
On a separate graph, using LD = 125-9W as a starting curve, indicate the change when the costs of other inputs in production rise
On a separate graph, using LD = 95-6W as a starting curve, indicate the change when the cost of substitutes for labor in the production process rise
Answer Questions: your answers should be no more than a short paragraph of 3-4 sentences for each of the following questions
Briefly explain why a labor demand curve is downward (negatively) sloped.
Explain the concepts of substitutes and complements with respect to labor demand and offer at least one example of each
Assume that a firm’s analysis of its balance condition shows the following: PL = $10, PK = $100, MPL = 30, and MPK = 290. As a decision maker in this firm, what would you do in the short term to improve the firm’s condition and how might you do it? Be sure to include the equation for the balance condition in your response.
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