(a) Suppose there are two pizza restaurants, CoCo Pizza and RunRun Pizza. If GoGo Pizza discriminates against black workers, while RunRun Pizza employs both white and black workers, what will be the possible economic penalty for GoGo Pizza? Explain with the labor market diagram for GoGo Pizza.
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- Other than the demand for labor, what would be another example of a 'derived demand?K 8.00- 7.60- 7.20 6.80- 6.40- OA. B, A OB. A; A OC. B; B O D. A; B Market A 0 400 800 1200 Quantity S D a S 8.00- 7.60- 7.20 6.80 6.40 0 Market B 400 800 1200 Quantity S D Use the supply and demand diagrams for labour markets A and B given above to answer the following question. If a minimum wage of $7.20 is imposed on both markets, then the reduction in employment will be highest in market and unemployment will be highest in marketConsider the market for workers in a cafe. Labor demand equation: Ld=40-2*w Labor supply equation: Ls=4*w-32 w=hourly wage; Ls and Ld are in numbers of workers 1. Suppose that there is a rapid growth in the availability of self-service ordering systems. How does that affect the market for labor in Café Alice? NJ imposed a minimum wage of $13 per hour in Jan. 2022. 2. How did this policy affect the market for labor in Café Alice, i.e, is this market in equilibrium, and was there a surplus or a shortage of workers? 3. Suppose that the minimum wage in NJ increases to $15 in 2024. Will there be workers who would like to work for Café Alice in NJ, but the Café will not be willing to hire them? Will the level of unemployment increase or decrease compared to 2022 when the minimum wage was $13 per hour?
- What is the marginal cost of labor? What is a perfectly competitive labor marketStone Inc. owns a clothing factory and hires workers in a competitive labor market to stitch cut denim fabric into jeans. The fabric required to make each pair of jeans costs $5. The company’s weekly output of finished jeans varies with the number of workers hired, as shown in the following table: Number of workers Jeans (pairs per week) 0 0 1 25 2 45 3 60 4 72 5 80 6 85 a. If the jeans sell for $35 a pair and the competitive market wage is $250 per week, how many workers should Stone hire? _____ workers How many pairs of jeans will the company produce each week? ____ pairs of jeans b. Suppose the Clothing Workers Union now sets a weekly minimum acceptable wage of $230 per week. All the workers Stone hires belong to the union. How does the minimum wage affect Stone’s decision about how many workers to hire? Stone’s decision (Will/will not) be affected by the minimum wage. c. If the minimum wage set by the union had been $400 per week, how would the minimum…Recently NJ chose to increase the minimum wage, who are the winners andlosers? Why? Make sure to draw a graph to support your answer. What is analternative solution?
- Suppose that the price of sedans in the previous graph increases from $24,000 to $29,000 per car. This would cause the sedans to increase, which is reflected on the graph by a the supply curve. Suppose a technological improvement increases the speed with which robots can attach bolts to cars from 2,500 bolts per hour to 3,000 bolts per hour. Assuming that the wage rate remains the same, this would cause a the supply curve. This is because the technological improvement makes carsSuppose the supply of soccer players is give by the the equation Ls=W/10 and the valu of the marginal product is given by VMPL=100,000 - 100LD. Question 1 Compute the equilibrium number of players hired in a competitive labor market. Round to the nearest whole number. Question 2 Compute the equilibrium the wage paid to each player in a competitive labor market. Round to the nearest dollar.The nation of Ectcnia has 2.0 competitive apple or--chards, all of which sell apples at the world price of$2 per apple. 11,c following equations describe theproduction function and the marginal product of laborin each orchard:Q =IOOL - L2Ml'L = 100 - U,where Q is the number of apples produced in a day,Lis the number of workers, and MPL is the marginalproduct of labcr.a. What is each orchard's labor demand as a functionof the daily wage W? What is the mar ket's labordemand?b. &:tenia has 200 workers who supply their labcrinelastically. Solve for the '""gc W. How manyworkers docs each orchard hire? How much profitdocs each orchard owner make?c. Calculate what happens to the inoome of workersand orchard owners if the world price do ubles lo$4 per a pple.d. Now suppose the price is back a l $2 per apple,but a hurricane d estroys hall the orchards. Calcu•late how the hurricane affects the income of eachworker and of each remaining orchard owner.Wl,at happens to the income of Ectcnia as…
- Consider the following diagram representing the labor market in a given Country, with foreigners willing to supply labor at $100'000. Suppose that the government allows 85'000 foreign workers to enter the country. What happens to the equilibrium wage (in the short run)? W S 120'000 100'000 30'000 O It will be greater than 120'000 It will be less than 100'000 O It will be equal to 100'000 O It will be greater than 100'000 70'000 DThe Geneva Watch Corporation manufactures watches on a conveyor belt with six stations. One worker stands at each station and performs the following tasks:Workers get paid $10 per hour. You can ignore any idle time of workers resulting from the beginning or the end of the day. a. What is the labor content? b. Assume a demand rate of 50 watches per hour. What is the takt time? c. Assume a demand rate of 50 watches per hour. What is the target manpower? d. An external supplier suggests shipping the battery module with preinstalled batteries, thereby eliminating the need for step 10. How would that impact process capacity? e. How could you increase the capacity of the process by rebalancing it?he table below shows the quantity demanded and supplied in the labor market for economics professors at the l'MaStateUniversity, where all the professors belong to a union. If the union has enough negotiating power to raise the annual salary by $20,000 more than a non- unionized university would be willing to pay, then there will be excess of labor of economics professors.