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- Define the following • Unskilled iabour ****** * Skilled labour Semi-skilled labour 2021-08-23 08:5811. Complete the below table. Labor Units TP 0 1 5 10 25 50 80 100 118 135 151 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 166 180 193 205 216 226 235 243 250 256 261 265 268 270 271 MP AP TC 0 500 1000 1500 2000 2500 3000 3500 4000 4500 5000 5500 6000 6500 7000 7500 8000 8500 9000 9500 10000 10500 11000 11500 12000 12500 MC AC D2021-08-23 14:20 3. Mention factors of production and their remunerations 4. Define the following Unskilled labour Skilled labour Semi-skilled labour
- Use the figure below to answer the following question. Real wage rate (2002 dollars per hour) 25 LS 20 15 10 LD LDo O 50 100 150 200 250 300 Labour (billions of hours per year) From the figure, as a result of the rightward shift in the demand curve for labour from LDO to LD1, potential GDP , -- and potential GDP per hour of labour 1) increases; increases 2) decreases; increases 3) increases; decreases 4) decreases; decreases 5) increases; does not change1. Illustrate and explain the impact of a minimum wage on the labour market. Period Minimum Wage Rate Unemployment Rate Inflation Rate Economic Growth Labour Force Participation 2019 - 2020 $17.50 2.8% 0.5% 2.8% 59.8% 2014 – 2018 $15.00 2.71% 3.5% 2.71% 62.6% 2010 - 2013 $12.50 2.21% 2.1% 2.21% 61.7% 2. By examining these variables (unemployment rate, inflation rate and economic growth rate) across the years, determine whether the increased minimum wage had the expected impact from part a?7) The following figure illustrates the labor demand curve, LD1, and labor supply curve, LS1, in (15p the market for engineers. ** Wage rate per hour ($) 70- 60- 50- 40- 30- 20- 10. 0 LS, LD, 10 20 30 40 50 60 70 Number of engineers a. What is the equilibrium wage rate in the market? b. What is the employment level in the market? c. If the government thinks that engineers are underpaid in the country and fixes a minimum wage of $50 per hour, what what would be unemployment? present your answer as e.g. 20, 30, 40, 50,..
- 3. What does it mean to be out of the labour force? Explain in detail.Table: Excellence Publishing Number of Workers Per Year 14 5 6 7 8 9 Reference Ref 18-3 $21,200 $110,000 $45,000 Number of Books Edited Per Year (Table: Excellence Publishing) Refer to the table. Each edited book sells for $50. What is the marginal product of labor for the sixth worker? $2,200 16,000 19,000 21,200 22,800 23,700 24,2003. Describe any five important differences between the labour market and the goods market.