Table 31.1Wage rate (dollars per hour)Labor demanded (workers)Total labor cost(dollars per hour)Marginal Wage (dollars per worker)$260________---222________________184________________146________________108________________Table 31.1 shows the number of workers a firm is willing to hire per hour at different wage rates. Complete the table by computing the total wage bill (total labor cost) and the marginal wage. Assume the union collects dues of 1 percent of the total wage bill. How many workers would the union want hired in Table 31.1 if its goal was to maximize the amount of dues collected?
A. 8.
B. 2.
C. 4.
D. 6.
Answer: D
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GDP is used by economists to measure
A) the market value of final goods and services produced over a particular time period. B) the overall well-being of society enjoyed over a particular time period. C) the overall efficiency of the macro economy over a particular time period. D) the economic strength of the nation.
High tariffs on intermediate inputs
A) increase the effective rate of protection on final goods. B) have no impact on the effective rate of protection on final goods. C) decrease the effective rate of protection on final goods. D) lower the nominal rate of protection on final goods. E) raise the nominal rate of protection on final goods.
Maria goes shopping for wedding shoes and is willing to pay $50 . She pays only $20 because the shoes she wants are on sale. Does she gets a consumer surplus? If so, how much?
a. yes, $50 b. yes, $20 c. yes, $70 d. yes, $30 e. no, there is no consumer surplus because the price was a sale price
Risk
What will be an ideal response?