In: Economics
What information can the labor demand curve give you by itself (no other curves)?
Select all applicable information for credit.
Group of answer choices
Wage
The portion of tax that will be paid by employers
Marginal Revenue Product of Labor
Quantity demanded of labor at a given wage
Marginal Value of Labor
Marginal Wage
Number of workers employers will hire at various wages
Marginal Cost of Labor
Labour demand curve is a function of price of the product and the marginal product of labour. It basically indicates the number of labour units employed at different wages. The wage rate is determined by both labour demand and labour supply functions and therefore we cannot determine the wage rate from labour demand function itself. Marginal cost of labour is derived from the supply function of labour. Marginal wage is determined by both the demand and supply functions. Tax portion paid by employers also requires the elasticity of demand and supply or at least the price variable in the supply function.
Select Marginal Revenue Product of Labor , Quantity demanded of labor at a given wage, Marginal Value of Labor, Number of workers employers will hire at various wages