1. Which of the following microeconomic tools aids monopsony employers in identifying the required wage level?

MRPL = LD

  • 2. Provide a labor market model complete with graphic representations of worker and employer surplus when LS = -38+4W and LD = 95-3W. It is not necessary to calculate the values for ES, WS, etc. but you must show the areas of these surpluses/losses.

3. Form a separate model from that created in question 7 above, but using the same LS and LD equations, and show how worker and employer surpluses change based on the imposition of a wage ceiling at $17 – be sure to represent the area for dead weight loss and all values needed to calculate these changed areas and values. Again, it is not necessary to calculate the values for ES, WS, etc. but you must show the areas of these surpluses/losses.

  • 4. Form a separate model from that created in question 7 above, but using the same LS and LD equations, and show how worker and employer surpluses might change in the face of a labor government imposed labor quota at 50. Along with this quota, the government has agreed to hire all workers not demanded by firms at the wage required by those workers.
  • 5. Provide a detailed description of the model impacted by the quota imposed in question 9, include calculations for ES, WS, and DWL (if any exists), and discuss how this type of policy might effect the economy and labor market.
 
"Looking for a Similar Assignment? Get Expert Help at an Amazing Discount!"