In the labor market, what are the firm’s demand curve for labor and the workers’ supply...

In the labor market, what are the firm’s demand curve for labor and the workers’ supply curve of labor?

Solutions

Expert Solution

In the labour market. Equilibrium wage and quantity of labour is determined by demand and supply of labour which represented by demand and supply curve of the labour.

Demand of labor is quantity of labor demanded by firm at each wage rate. It is downward sloping because of diminishing marginal return. As more and more worker is hired by the firm each addition worker give less and less output which result in less revenues.

Supply of labor is quantity of labor supplied at each wage rate. It is upward or positive sloping. Which means higher the wage greater the supply will be of labour.

And where these two intersect equilibrium wage and quantity of labor is determined.

Rahul Sunny answered 1 year ago

Next > < Previous

Related Solutions

The market supply curve for labor is upward sloping and the market demand curve for labor...

The market supply curve for labor is upward sloping and the market demand curve for labor is downward sloping yet for a single firm the demand curve is flat. Explain. I really dont need the answer, but if someone could explain what this is asking. I get that the market supply curve slopes upward and the demand curve slopes downward, but what exactly is the question getting at when it says a single firm is flat. Is it referring to...

A firm’s short-run supply curve and market demand curve are given in the following table. The...

A firm’s short-run supply curve and market demand curve are given in the following table. The firm is selling its product in a perfectly competitive market, where there are 100 identical firms. What is the market equilibrium price and quantity? Short-run supply curve Market demand curve Output Marginal cost Price Quantity demanded 1 50 50 700 2 100 100 500 3 150 150 300

a. Draw a perfectly competitive firm's labor demand curve and labor supply curve. Label the market...

a. Draw a perfectly competitive firm's labor demand curve and labor supply curve. Label the market equilibrium wage rate and quantity of labor the firm will hire. Label your graph completely. b.Draw the demand and supply curves for labor in a perfectly competitive labor market. Label the equilibrium wage rate and equilibrium quantity of labor. Label your graph completely.

1.Discrimination against African-American workers in the labor market will: a)shift the demand curve for these workers...

1.Discrimination against African-American workers in the labor market will: a)shift the demand curve for these workers to the right, and their wages will rise. b)shift the demand curve for these workers to the right, and their wages will fall. c)shift the demand curve for these workers to the left, and their wages will fall. d)shift the demand curve for these workers to the left, and their wages will rise. 2. What impact do private insurance companies and Medicare have on...

Draw a steep labor supply curve and a less steep labor demand curve on a set...

Draw a steep labor supply curve and a less steep labor demand curve on a set of axes. Now suppose demand decreases. Label the old and new equilibria. Draw a cobwebbing path to show how wages and quantities of labor evolved to get from the old equilibrium to the new equilibrium.

State whether the labor supply curve, labor demand curve or neither of the two will shift...

State whether the labor supply curve, labor demand curve or neither of the two will shift in the current scenario when the government has mandated workplace closures. If there is a shift, is the shift to the left or to the right? Illustrate your answer with a figure and show what happens to the full-employment level of employment following the shifts, if any. Label the axes and curves clearly

Wages is determined by the supply of and demand for the labor in the labor market...

Wages is determined by the supply of and demand for the labor in the labor market under normal competitive conditions and by the number of people looking for job and the number of companies looking for employees. In addition, wage levels are shaped by the skill sets workers bring and employers need, as well as the location of the jobs being offered. When workers sell their labor, the price they can charge is influenced by several factors on the supply...

what are the impacts of COVID-19 on labor demand and supply for low-wage workers for both employed workers

what are the impacts of COVID-19 on labor demand and supply for low-wage workers for both employed workers (e.g., package, food service, or food delivery workers and grocery store employees) and unemployed or furloughed workers

Suppose the market demand and supply for labor hours in a segment of a labor market...

Suppose the market demand and supply for labor hours in a segment of a labor market affected by a minimum wage in a certain state is given by the table below. Labor Hours Demanded Hourly Wage Labor Hours Supplied 72 $10 85 73 $9 80 75 $8 75 77 $7 70 79 $6 65 81 $5 60 Using the graph below, show the equilibrium wage and hours of labor in this market. Suppose the state government sets a minimum wage...

What will happen to the supply and demand curve of the bond market if actions by...

What will happen to the supply and demand curve of the bond market if actions by the Fed create widespread belief among investors that inflation will decrease significantly?

Subjects