Discuss two factors that would increase demand for labor. (Hint: Recall that the demand for factors of production or resources is called a derived demand)

Write a 4-5 page paper that’s addresses the following questions:

1. Discuss two factors that would increase demand for labor. (Hint: Recall that the demand for factors of production or resources is called a derived demand)

2. If the market price of the good or service that a firm produces increases, what happen to the demand of labor? Explain.

3. Numerical Problems. Answer the two questions below.

a. Take a look at the numerical example on page 76 of the online text (click here). What would be the marginal production at a level of 20 workers? Calculate. What can be said about the total production of cars as more workers are added (Hint: use the economic concept from the chapter in your answer)?

b. Using you answer from (a) and using the information below:

1. Each worker costs the firm $4,000 per month.2. Each acre of land costs the firm $1,000 per month.3. Each machine costs the firm $600 per month.

-Each worker costs the firm $4,000 per month.

-Price of the output (car) is $20,000

Should the firm move from the 15th to the 20th worker? In other words, should the firm hire 20 workers. Why? (Hint: You need to calculate the cost of total workers and the marginal revenue product (MRP = price of output * marginal product of labor)).

Place a similar order with us or any form of academic custom essays related subject and it will be delivered within its deadline. All assignments are written from scratch based on the instructions which you will provide to ensure it is original and not plagiarized. Kindly use the calculator below to get your order cost; Do not hesitate to contact our support staff if you need any clarifications.

Type of paper Academic level Subject area
Number of pages Paper urgency Cost per page:
 Total:

Whatever level of paper you need – college, university, research paper, term paper or just a high school paper, you can safely place an order.


Last Completed Projects

# topic title discipline academic level pages delivered
6
Writer's choice
Business
University
2
1 hour 32 min
7
Wise Approach to
Philosophy
College
2
2 hours 19 min
8
1980's and 1990
History
College
3
2 hours 20 min
9
pick the best topic
Finance
School
2
2 hours 27 min
10
finance for leisure
Finance
University
12
2 hours 36 min