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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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