Homework Set 3 revised

# Homework Set 3 revised - Homework Set #3 - ECN 212 - Dr....

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Homework Set #3 - ECN 212 - Dr. Roberts Due in the lab no later than Wednesday, November 7, 2007 or may be turned in at the end of a regularly scheduled class. Answers must be submitted on a NCS Pearson Scantron, Form 229633, available at the ASU Bookstore. Answer sheets must be marked in pencil and contain your name and 10 digit ASU Affiliate Identification Number. 1. In the figure above, a monopsony will pay the wage rate a. W 1 and hire Q 1 . b. W 3 and hire Q 1 . c. W 2 and hire Q 2 . d. W 1 and hire Q 3 . e. W 1 and hire Q 2 . 2. In the figure above, if this were a competitive labor market they would pay the wage rate a. W 2 and hire Q 2 . b. W 3 and hire Q 1 . c. W 1 and hire Q 3 . d. W 1 and hire Q 2 . e. W 1 and hire Q 1 . 3. In the figure above, if the government imposes a minimum wage of W 2 , what quantity of labor will a competitive labor market hire? a. A quantity less than Q 1 b. Q 1 c. Q 3 d. None e. Q 2

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4. In the figure above, if the government imposes a minimum wage of W 2 , what quantity of labor will a monopsonist hire? a. Q 3 b. A quantity less than Q 1 c. Q 2 d. Q 1 e. None 5. Which of the following variables is least likely to affect the demand for a resource? a. The prices of substitute resources b. The availability of substitute resources c. The demand for the final good d. The price of the final good e. The availability of the resource 6. In the figure above, a shift from S 2 to S 1 might be caused by a. an increase in the demand for labor. b. a minimum wage set at W 4 . c. an increase in the non monetary benefits. d. an increase in the wage rate. e. an increase in the wage rate paid in another labor market. Number of Workers Output per Hour Price of the Product 0 0 \$3 1 7 3 2 12 3 3 15 3 4 17 3 5 18 3 7. According to the table above, if the wage rate is \$9 per hour, how many workers
should this firm hire? a. 3 b. 5 c. 4 d. 1 e. 2 8. According to the table above, the marginal revenue product of the a. fourth worker is \$68. b. third worker is \$3.

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## This note was uploaded on 04/04/2008 for the course ECN 212 taught by Professor Nancy during the Fall '07 term at ASU.

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Homework Set 3 revised - Homework Set #3 - ECN 212 - Dr....

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