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- A decline in the price of factor A will: Select one; Increase the demand of for complimentary factor B Shift the demand curve for A to the right Reduce the demand of for complimentary factor B Shift the demand curve for A to the left Discourage the consumers from consuming the goods of factor AFrom 2016 to 2026, the U.S. Bureau of Labor Statistics expects that there will be a fall in demand for Multiple Choice occupational therapy assistants. commercial drivers. physical therapists. Saved word processors and typists.A neurosurgeon makes about $600,000 a year. The community of neurosurgeons is relatively small. In the United States there are about 3,500 practicing. As the wages for a neurosurgeon increases to $800,000, the demand curve shifts
- Solving for the equilibrium wage and quantity is a multi-step procedure. First, you will need the marginal resource cost (MRC) curve. This curve gives the marginal cost of hiring an additional nurse (in cost per hour). Since attracting an additional nurse requires raising the wage rate for all nurses, this cost is above the wage rate required for that additional nurse. If the inverse supply curve is given as W = a + bQs, the marginal resource cost is: MRC = a + 2bQs Essentially, it has the same y-axis intercept as the inverse supply curve, but twice the slope. With a single buyer there isn’t a demand curve, but what we would think of the demand curve is the marginal value curve. In this case, it gives the marginal value product (in dollars per hour) of nurses. Hence, you can replace W in the inverse demand function with MVP. To find the quantity of nurses hired, set MRC = MVP and solve: Q. 6. With a monopsony, how many nurses are hired?refer to the photyoCalculating the price elasticity of supply Andrew is a retired teacher who lives in San Diego and does some consulting work for extra cash. At a wage of $25 per hour, he is willing to work 6 hours per week. At $35 per hour, he is willing to work 16 hours per week. Using the midpoint method, the elasticity of Andrew’s labor supply between the wages of $25 and $35 per hour is approximately , which means that Andrew’s supply of labor over this wage range is .
- The after-school tutoring industry is competitive, and so is the labor market for after-school tutors. Suppose male and female tutors have equal experience and skill. Currently, some tutoring centers are biased and will only hire male tutors, whereas unbiased tutoring centers desire to hire the cheapest tutors and do not care about their genders. As a result, the equilibrium wage for male tutors is higher than that of female tutors. Refer to Scenario 19-6. Long-run competition in the after-school tutoring market is consistent with which of the following statements, assuming consumers do not discriminate between male and female tutors? Oa. All firms that hire only male tutors will shut down because they are not able to compete. O b. Nothing will change; all firms will continue to operate as they do now. Oc. Tutoring centers only hiring male tutors have lower cost, leading to an increase in the demand for male tutors. Od. All firms that hire only female tutors will shut down because they…I1. Caleulating the price elasticity of supply Valerie is a retired teacher who lives in Miami and provides math tutoring for extra cash. At a wage of $25 per hour, she is willing to tutor 4 hours per week. At $40 per hour, she is willing to tutor 10 hours per week. Using the midpoint method, the elasticity of Valerie's labor supply between the wages of $25 and $40 per hour is approximately which means that Valerie's supply of labor over this wage range isMiron Floren, of Lawrence Welk Show fame, now tours the country performing at accordion concerts. A careful analysis of demand for tickets to Mr. Floren’s concerts reveals a strange segmentation in the market. Demand for tickets by senior citizens is described by Qo = 500P^–3/2 , while demand by those under 65 years old is Qy = 50P^–4. If the marginal cost of a ticket is £3, how should tickets to Mr. Floren’s concerts be priced to maximize profits? A. £3 for senior citizens and £8 for those younger B. £6 for senior citizens and £12 for those younger C. £9 for senior citizens and £4 for those younger D. £4.71 for all tickets E. £12 for senior citizens and £4.50 for those younger
- Calculating the price elasticity of supply Janet is a graduate student living in San Francisco who works as a caddy to supplement their normal income. At an hourly wage rate of $40, they are willing to caddy 9 hours per week. Upping the wage to $55 per hour, they are willing to caddy 17 hours per week. Using the midpoint method, the elasticity of Janet’s labor supply between the wages of $40 and $55 per hour is approximately , which means that Janet’s supply of labor over this wage range is .Becky is a stay-at-home parent who lives in Miami and teaches tennis lessons for extra cash. At a wage of $35 per hour, she is willing to teach 8 hours per week. At $40 per hour, she is willing to teach 14 hours per week. Using the midpoint method, the elasticity of Becky’s labor supply between the wages of $35 and $40 per hour is approximately , which means that Becky’s supply of labor over this wage range is .A city government is considering renting space in an all‑day parking garage for its 100 employees. The government estimates these employees' demand function for parking spaces is 150 ‑ 50P (P ≥ $1), where P is the per-day price of parking, and the city will pass on the cost. (a) If the city needs not charge each of its employees the same price for a parking space, what is the maximum amount the city could pay for the 100 spaces, and what would be the average cost per space? (b) Assume the employees’ union insists that – per their contract – each employee must be charged the same price for parking, and the city’s response is to intend charging the price that maximizes its parking fee revenue. What price per space would the city charge under this circumstance, and how much less total dollar benefit would the employees receive?