# Register now to access 7 million high quality study materials (What's Course Hero?) Course Hero is the premier provider of high quality online educational resources. With millions of study documents, online tutors, digital flashcards and free courseware, Course Hero is helping students learn more efficiently and effectively. Whether you're interested in exploring new subjects or mastering key topics for your next exam, Course Hero has the tools you need to achieve your goals.

3 Pages

### practice6fall2000A

Course: ECON 101, Fall 2008
School: Wisconsin
Rating:

Word Count: 692

#### Document Preview

101 Economics Fall 2000 Practice Questions #6 Goal: Review basic concepts: Marginal Physical Product, Marginal Revenue Product, Marginal Labor cost. Learn how to use demand and supply curves to determine the equilibrium wage and employment in a competitive labor market. Understand the impact of Minimum Wage Law, and how income and substitution effects influence the supply curve of labor. 1. Tony runs a small...

Register Now

#### Unformatted Document Excerpt

Coursehero >> Wisconsin >> Wisconsin >> ECON 101

Course Hero has millions of student submitted documents similar to the one
below including study guides, practice problems, reference materials, practice exams, textbook help and tutor support.

Course Hero has millions of student submitted documents similar to the one below including study guides, practice problems, reference materials, practice exams, textbook help and tutor support.
101 Economics Fall 2000 Practice Questions #6 Goal: Review basic concepts: Marginal Physical Product, Marginal Revenue Product, Marginal Labor cost. Learn how to use demand and supply curves to determine the equilibrium wage and employment in a competitive labor market. Understand the impact of Minimum Wage Law, and how income and substitution effects influence the supply curve of labor. 1. Tony runs a small company, Bearpaw Boots, that manufactures hiking boots. Table 1 shows output per month for different quantities of labor. a. Fill in the third column by using the data in the second column to compute the marginal physical product of each additional worker. b. Tony can sell boots for \$60 a pair. As Tony has a small firm, the price of boots is unaffected by the quantity that he sells. Fill in the fourth column by computing the marginal revenue products of each worker. c. Assume Tony sells his product in a perfectly competitive market and hires in a perfectly competitive labor market. How many workers will Tony employ if monthly wages are \$1800? d. What will be Tonys profits given his hiring decision in (c)? Table 1 Number of Bootmakers Total Number of Pairs of Boots per Month Marginal Physical Product (Boots) Marginal Revenue Product (\$) 1 2 3 4 5 6 7 8 9 10 60 115 165 210 250 285 315 340 360 375 1 2. Fill in the following blanks. In a competitive labor market, ____(1)_____ and____(2)___ will be determined by the interaction of the demand and the supply of labor curves. The supply of labor comes from individual decisions to work. Individual decisions to supply work are simultaneously decisions to forgo leisure. Thus, a decision to supply less labor is simultaneously a decision to demand more ___(3)___. At higher wages, the same number of working hours will mean a larger income. If leisure is not an inferior good, people are apt to demand ___(4)___(more/less) leisure as their income increases. This suggests that the supply of labor might ___(5)___ (increase/decrease) as wages increase. This is called __(6)___(income/substitution) effect of higher wages. Higher wages also increase the opportunity cost of an hour of leisure. As a result we expect that as wages increase, the substitution effect will people lead to work ___(7)___(more/less). The ultimate effect of increased wages comes from the sum of the income and substitution effects. Statistical evidence suggests that at low wages the __(8)____ effect predominates and labor supply __(9)___ with an increase in wages, while at high wages the two effects tend to __(10)___(enhance/offset) each other. In some cases, the market determination of wages and employment is affected by a legal floor on wages rates, or a___(11)____rate. To be effective, the minimum wage must be ___(12)____ (higher/lower) than the market wage. Imposing a minimum wage will ___(13)__(increase/decrease) the volume of employment as firms move upward and to the left along their demand curves for labor. At the same time the promise of higher wages is apt to increase the ___(14)__ (demand/supply) of labor. Minimum wage laws affect primarily __(15)__(skilled/unskilled) labor markets. A major noncompetitive feature in many skilled labor markets is the existence of labor ____(16)____. 3. Suppose that the marginal revenue product schedule or demand for labor for one of 100 identical and perfectly competitive firms is given by column (1) and (2) of table 3, and the market supply schedule of labor is given by columns (1) and (3). a. Find the market demand schedule for labor and the equilibrium wage rate. b. H...

Find millions of documents on Course Hero - Study Guides, Lecture Notes, Reference Materials, Practice Exams and more. Course Hero has millions of course specific materials providing students with the best way to expand their education.

Below is a small sample set of documents:

Wisconsin - ECON - 102
Economics 102 Spring 2000 Homework #3 Due 3/27/00Student Name: ID#: T.A. Name: Sec. Code:Note: If asked to graph please use 1/4&quot; graph paper. Label this paper with your name, id#, T.A. name, and the number of your discussion section. If you need
Michigan State University - PHY - 251
EXPERIMENT 11The Spring Hooke's Law and OscillationsObjectives To investigate how a spring behaves when it is stretched under the influence of an external force. To verify that this behavior is accurately described by Hooke's Law. Measure the spr
Michigan State University - PHY - 231
CODE - ACGFGE - PHY 232C Introductory Physics II Virtual University(summer 05) 1 Exam 3 Name:CODE - ACGFGE - PHY 232C Introductory Physics II Virtual University(summer 05) 2 Exam 3 Name:Your code is: ACGFGE Put your name here:Keep this exam
Wisconsin - PLDI - 2005
Scalable Statistical Bug IsolationBen Liblit, Mayur Naik, Alice Zheng, Alex Aiken, and Michael Jordan University of Wisconsin, Stanford University, and UC BerkeleyPost-Deployment MonitoringGoal: Measure Reality Where is the black box for softwa
Wisconsin - CS - 640
CS 640 Introduction to Computer NetworksLecture16CS 640Role of data link layer Service offered by layer 1: a stream of bits Service to layer 3: sending &amp; receiving frames To achieve this layer 2 does Framing Error detection (rarely error co
Wisconsin - CS - 752
Hot Set Detection and Hardware Optimization - report for the CS/ECE 752 projectLei Chen &amp; Su Zhang (chenl, zs@cs.wisc.edu)1. Project GoalThis project is to optimize and enhance performance of a superscalar processor. It starts with a baseline sup
Wisconsin - ISCA - 2005
InterconnectionsinMulticoreArchitectures: UnderstandingMechanisms,OverheadsandScalingRakeshKumar(UCSD) VictorZyuban(IBM) DeanTullsen(UCSD)ANaivemethodologyforMulticoreDesignP 0 P 1 P 2 P 3L2_0L2_1L2_2L2_3L2_4L2_5L2_6L2_7Cle
Wisconsin - CS - 525
&gt;% Question 1:&gt; AA = -1 -1 -1 1 -1 2&gt; bb = -3 -1 2&gt; pp = 1 3&gt; T = totbl(-A,-b,-p,-4); x1 x2 1 - x3 = | 1.0000 1.0000 -3.0000 x4 = |
Wisconsin - CL - 1
Math 'Convincing and Proving' Critiquing 'Proofs' Tasks - Set #3 (solutions)Malcolm SwanMathematics EducationUniversity of NottinghamMalcolm.Swan@nottingham.ac.ukJim RidgwaySchool of EducationUniversity of DurhamJim.Ridgway@durham.ac.ukThe aim of thi
Wisconsin - AOS - 100
SOME USEFUL STATION WEATHER SYMBOLSCourtesy of http:/www.hpc.ncep.noaa.govForce: Weight:Mass * Accelleration Mass * Gravitational AccellerationPressure: Supports weight of air above a given area1cm2 weighs 1013g =&gt; 1013mb 1m2 weigh
Wisconsin - AOS - 100
AOS 100 / 101: Midterm 1 Review Sheet Midterm: In Class 10/7/05 Weather Discussions: Everyone should know a visible from an infrared satellite image, and how to tell if clouds are high or low. Weather station models: know temperature, dewpoint temper
Wisconsin - AOS - 101
AOS101ClimateChange:IntroductionMarch4/6100heatbudgetofearthandatmosphere 30SPACEBIGPICTURE5812 20ShortwaveATMOSPHERE102 94GROUND72350LongwaveConduction ConvectionLatent HeatGREENHOUSEEFFECT12 58CH4 N2O CO2 H2O 1
Wisconsin - AOS - 101
Climate Change Debate Instructions Section 302: Debate on March 11, Write-Up due March 25 Section 304: Debate on March 13, Write-Up due March 27 In recent years, surface temperatures around the globe have been steadily increasing. The reasons for thi
Wisconsin - AOS - 100
AOS 100 / 101 Lecture summary: 10/03/07Reading: Ahrens 7th Ed., Ch.4, pp.85-107 Ahrens 8th Ed., pp. 518-522, 531-533Scattering: light is scattered by particles (gasses, aerosols, H2) in the atmosphereType of Scattering:Particle
Wisconsin - CL - 1
Chemistry ConcepTestsSample Set #2Arthur EllisDepartment of Chemistry1101 University Ave. Madison WI 53706University of Wisconsin-Madisonemail: ellis@chem.wisc.edu608-262-0421Readers may be familiar with Harvard physicist Eric Mazur's ConcepTests, wh
Drexel - NEW - 04
Information on the New PhD Candidacy Exam (replaces the previous PhD Qualifying Exam)Doctoral Candidate is a status bestowed on a doctoral student who has satisfied a number of requirements specified by the University Office of Graduate Studies. Acc
Drexel - NEW - 04
BIOMED Technical Design Rubric Term 1Course: _ Date: _Student(s): _ 3 - Excellent Identification of the problemScore:The problem has been shown (not just stated) to exist with supporting factual evidence.2 GoodA problem statement has been
Drexel - NEW - 04
School of Biomedical Engineering, Science and Health SystemsDrexel BIOMEDSchool of Biomedical Engineering, Science &amp; Health SystemsBossone Research Enterprise CenterbyBanu Onaral, Director 23 December 2006V 1.0 [MS 041019]School of Biomed
Drexel - NEW - 04
School of Biomedical Engineering, Science and Health SystemsWelcome toBiomedical EngineeringInformation SessionBossone Research Enterprise CenterbyBanu Onaral, Director August 25, 2006V 1.0 [MS 041019]School of Biomedical Engineering, Sc
Wisconsin - ENGR - 201
8.1-8.4 Coulomb friction (intro. to tribology)Consider a simple experiment where we slowly pull point p:dscale (reads force F) pN Frough surface force, FFNFslipdisplacem ent, dtypical responseRemarkably, the force that produces s
Wisconsin - ENGR - 201
2.7-2.8 Cartesian Vectorsy6/8/06Consider an orthogonal x,y coordinate system, and a vector F in this space.Fxyj iFxyF yj iFxF xRepresentation of vectors in terms of Cartesian componentsUnit vectors:i, j.or.^ ^ i, j
Wisconsin - ENGR - 405
Nuclear FissionDuderstadt and Hamilton pp. 54-70Fission physicsThe binding energy per nucleon peaks at 8.7 MeV for nuclear mass numbers of about 50. More tightly bound nuclei can be produced by either combining lighter nuclei or inducing heavier
Wisconsin - ENGR - 405
Reactor criticality, conversion and breedingDuderstadt and Hamilton pp. 83-88Six factor formula assumes thermal reactor characteristicsThermal Neutrons 0.05 eV 0.025 eV 1 eV 100 keV 1 MeVk = fPTNL pPFNLFission neutrons 1 MeVNumber of neutr
Wisconsin - ENGR - 405
Differential scatteringDuderstadt and Hamilton pp. 34-45Differential scattering cross sectionv v'We want a cross section that describes not only the probability that a neutron scatters, but also contains information about the angle through whic
Wisconsin - ENGR - 405
Differential scatteringDuderstadt and Hamilton pp. 34-45Differential scattering cross sectionv vWe want a cross section that describes not only the probability that a neutron scatters, but also contains information about the angle through which
Wisconsin - ENGR - 405
Nuclear motionDuderstadt and Hamilton pp. 45-54Nuclear motion affects cross sectionsExcept at absolute zero, nuclei are in motion and therefore are not stationary targets for neutrons. The cross section energy dependence is really determined by t
Wisconsin - ENGR - 405
Nuclear Reactions Macroscopic cross sectionsDuderstadt and Hamilton pp 19-23Review of microscopic cross sectionsWe considered a beam of neutrons incident upon a very Thin target to insure that each nucleus in the target would be exposed to the sa
Wisconsin - ENGR - 405
Nuclear cross section behaviorDuderstadt and Hamilton pp.23-34Two fundamental aspects of neutron cross sections Kinematics of two-particle collisions Conservation of momentum Conservation of energy Dynamics of nuclear reactions Potential sca
Wisconsin - ENGR - 405
Nuclear Reactions Microscopic cross sectionsDuderstadt and Hamilton pp 3-19Macroscopic to microscopic worldCutaway of PWR pressure vessel and Internals.Nuclear chain reactionNeutron +235U fission products + more neutrons + energyThere ar
Wisconsin - ENGR - 405
Elastic scattering and kinematicsDuderstadt and Hamilton pp 39-45Elastic scattering from stationary nucleiUse the laws of conservation of energy and momentum. First write the differential cross section ass ( EP( EE ) dE= Probability that a n
Wisconsin - ENGR - 405
NEEP 405 Homework Set # 6 Due March 16 1. 2. 3. 4. D&amp;H 5-29 (a)&amp;(b) D&amp;H 5-30 D&amp;H 5-31 D&amp;H 5-32
Wisconsin - ENGR - 405
NEEP 405 Homework Set # 5 Due March 9 1. 2. 3. 4. 5. D&amp;H 5-3 D&amp;H 5-11 D&amp;H 5-13 D&amp;H 5-14 D&amp;H 5-19
Wisconsin - ENGR - 405
NEEP 405 Homework Set # 9 Due April 19 1. 2. 3. 4. D&amp;H 8-20 D&amp;H 8-23 D&amp;H 8-26 D&amp;H 8-27
Wisconsin - ENGR - 405
NEEP 405 Homework Set # 7 Due April 5 1. D&amp;H 7-3 2. D&amp;H 7-8 3. D&amp;H 7-11
Wisconsin - ENGR - 525
Mirrored Particles NEEP/ECE/Physics 525, Fall 2006 Prof. Carl Sovinec The plots in this document illustrate particle trapping in a magnetic mirror. The magnetic field is found from a concocted (but not unrealistic) axial magnetic-flux distribution,2
Wisconsin - ENGR - 525
NEEP/ECE/Physics 525 Homework #8 Fall 2006 Assigned: Thursday, 11/09/06 Due: Thursday, 11/16/06 1. Chen, Problem 4-37. In general, the effect of electron-ion collisions can be built into our fluid model if we add the term me ne (Vi - Ve ) to the righ
Wisconsin - ENGR - 525
Wisconsin - ENGR - 525
NEEP/ECE/Physics 525 Homework #7 Fall 2006 Assigned: Thursday, 10/26/06 Due: Tuesday, 11/7/06 1. For this problem, it will be helpful to read Section 4.13 of Chen and refer to Problem 4-13 and its solution. a) Write the dispersion relation for an O-m
Wisconsin - ENGR - 525
April 2, 2004 Physics 525 Quiz #2 Due at Class April 12 You may use your notes, textbook, calculator, reference books - anything except your classmates' (or others!) assistance. Most of all use your head and start early! Consider a plasma column (2.0
Wisconsin - ENGR - 525
NEEP/ECE/Physics 525 Homework #6 Fall 2006 Assigned: Thursday, 10/19/06 Due: Thursday, 10/26/06 1. Our discussions in class considered electron plasma waves and sound waves as different limits of the electrostatic dispersion relation. In fact, they a
Wisconsin - ENGR - 525
NE/ECE/Physics 525 Homework #9 Spring 2008 Assigned: Monday, 4/7/08 Due: Monday, 4/14/08 1. In this problem, we consider ambipolar diffusion for weakly ionized electron-proton plasma in a long cylindrically symmetric column of radius 25 cm. Magnetic
Wisconsin - ENGR - 525
Homework #4 Due 3/1/04 Chen Problem 2-15 Chen Problem 2-21
Wisconsin - ENGR - 525
Wisconsin - ENGR - 525
Wisconsin - ENGR - 525
UNIVERSITY OF WISCONSIN ECE/NEEP/Physics 525 Introduction to Plasmas Spring Semester 2007Problem Set #2 Due: Thursday, February 15, 2007 1. a) Charged particle drifts - nonuniform magnetic field. The magnetic field strength in the equatorial plane
Wisconsin - ENGR - 525
Wisconsin - ENGR - 525
Wisconsin - ENGR - 525
NE/ECE/Physics 525 Homework #3 Spring 2008 Assigned: Friday, 2/8/08 Due: Friday, 2/15/08 1. (10 points) A plasma experiment of length L=0.5 m has uniform magnetic field of magnitude 0.3 T that is pointed in the +z-direction. Spatially varying electri
Wisconsin - ENGR - 525
NEEP/ECE/Physics 525 Homework #9 Fall 2006 Assigned: Thursday, 11/30/06 Due: Thursday, 12/7/06 1. Chen, Problem 5-11. Besides the computations, provide a sketch of the classical diffusivity as a function of radius. 2. Chen, Problem 5-19. Note that th
Wisconsin - ENGR - 451
Note about doing homework together. I encourage you to do homework together. However, the answers that you turn in have to be your own work. All people who turn in identical homework answers will be given an automatic 0 on that problem. Using someone
Wisconsin - ENGR - 803
MS&amp;E 803 Fall 2008 Take Home Final Exam You may consult your notes, the readings found on the course homepage, and up to two text books. Please do not use online resources or skim a large number of textbooks. Work on the exam for up to 24 hours and t
Wisconsin - ENGR - 803
MS&amp;E 803 Fall 2008 Homework 4 Hint: Download the homework from the course homepage to avoid unnecessarily retyping the links. Due December 12, 2008 1. Diffuse scattering from vacancies Consult the description of diffuse scattering at the website deve
Wisconsin - ENGR - 331
Using COMSOL Multiphysics on the CAE Network MS&amp;E 331 Spring 2009 January 21, 2009 We will use the COMSOL Multiphysics package throughout the course as a tool for solving transport problems. In order to use COMSOL you will need to log in to a CAE lab
Wisconsin - ENGR - 333
Thermal oxidation (Campbell, Chap. 4) background the Deal-Grove model oxide physical characteristics oxide electrical characteristics dopant effects on oxidation oxidation-induced stacking faultsBackground why is oxidation so important? Oxi
Wisconsin - ENGR - 333
Plasmas review of plasmas and RF operation magnetically-enhanced plasmasEtching (Campbell, Chap. 11) introduction to wet etching chemical environmental and safety issues introduction to plasma etchingSome useful plasma concepts Neutrals, io
Wisconsin - ENGR - 275
EPD 275 Fall 2008Christine G. Nicometo Office: ECB M1036C Phone: 890-0800 Office Hours: M/W 11-12pm E-mail: nicometo@epd.engr.wisc.edu Course Homepage: http:/ecow.engr.wisc.edu/epd/275/nicometo Acknowledgement: Much of the structure and content of
Wisconsin - ENGR - 155
Peer Review Critique for Essay 1: The Rhetorical AnalysisWriter of Critique_ Writer of Essay_ Read the following questions, then read your peers draft carefully. Comment in the margins of the draft and answer the following questions as completely a
Wisconsin - ENGR - 155
EPD155 Assessment of EPD160 Design Proposal &quot;Product&quot; Rubric Team Name: Product &amp; Criteria Content (50%)(Your lab will specify content) Introduction Customer description Customer requirements and problem statement Top three ideas Processes used
Wisconsin - ENGR - 155
Diagnostic Essay Due:EPD155 Basic Communication CourterWrite a brief essay about yourself. You may respond to the following questions, but do not feel like you must answer them all or in order. The purpose of this writing assessment is twofold: F
Wisconsin - ENGR - 155
EPD155 Basic Communication: &quot;Communication Skills and the Engineering and Science Professions&quot; Documented Research Projects &quot;I know some engineers but I never talk to them about their jobs. &quot;Is engineering a profession that I can have fun in while ex
Wisconsin - ENGR - 155
Voting in Dane County For details, call the City Clerk at 266-4601.