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Wage determination in a perfectly competitive labor market

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Wage determination in a perfectly competitive labor market

Order ID	53563633773
Type	Essay
Writer Level	Masters
Style	APA
Sources/References	4
Perfect Number of Pages to Order	5-10 Pages

Description/Paper Instructions

Wage determination in a perfectly competitive labor market

1. Wage determination in a perfectly competitive labor market 1. Draw a perfectly competitive firm’s labor demand curve and labor supply curve. Label the market
   equilibrium wage rate and quantity of labor the firm will hire. Label your graph completely. (2
   points) 1. Draw the demand and supply curves for labor in a perfectly competitive labor market. Label the
   equilibrium wage rate and equilibrium quantity of labor. Label your graph completely. (2 points) 1. Why is a perfectly competitive firm a "wage taker"? (1 point)
   1. To maximize its profits, how much labor should a perfectly competitive hire? (1 point)
   1. What is another name for the firm’s labor demand curve? (1 point)
   1. What two things determine the demand for labor for every type of firm? (2 points)
   1. What information does the supply curve for labor provide? (1 point)
   1. Explain why the perfectly competitive firm’s demand curve for labor is downward sloping. Include
   the role of the price for the final good or service in your answer. (1 point) 1. Explain why the supply curve for labor is upward sloping. (1 point) 2. Wage determination in a monopsonistic labor market 1. Define monopsony in your own words. Give an example. (2 points)
   1. Draw the demand, supply, and marginal resource cost curves for labor for a monopsonist
   operating in a perfectly competitive product market. Label your graph completely. (3 points) 1. What is another name for the demand curve? (1 point)
   1. Explain why the monopsonist’s marginal-revenue-product curve is downward sloping. Include the
   role of the price for the final good or service in your answer. (1 point) 1. Why is a monopsonist a wage setter? (1 point)
   1. Is a monopsonist a wage taker or a wage setter? Why? (2 points) 1. Where does the marginal resource curve lie in relationship to the supply curve? Explain your
   answer. (2 points) 1. On the graph that you drew for part B of this question, label the equilibrium wage and quantity if
   this firm were operating as firm in a competitive labor market (rather than a monopsonistic labor
   market). (1 point) 1. On this same graph, label the wage level the monopsonist would pay and the quantity of labor the
   monopsonist would hire. Why does the monopsonist choose that wage and quantity? (2 points) 1. For a monopsonist employer that’s maximizing profit, the wage will be _____ (higher/lower) and it
   will hire _____ (more/fewer) workers than a firm operating in a more competitive labor market. (1
   point) 3. Labor unions 1. Assume the labor market for county transit drivers is currently in equilibrium. However, the transit
   drivers union has been successful in getting the county’s elected officials to pass legislation that
   will require all drivers to be certified by the county before they can drive. Draw a graph that shows
   the market in equilibrium before and then after the legislation has passed. Label your graph
   completely. (4 points) 1. What is the effect of the legislation on the wage level of county transit drivers? (1 point)
   1. What is the effect of the legislation on the quantity of workers employed? (1 point)
   1. Why would the union want this legislation passed? (2 points)
   1. Assume the labor market for airplane mechanics is currently in equilibrium. The airplane
   mechanics union has started a media campaign on nationwide TV stations. The union claims that
   union mechanics are better trained and therefore the planes they work on are safer. A survey
   reveals that this advertising does convince consumers to fly more often on airlines with union
   mechanics. Draw a graph that shows the labor market in equilibrium before and after the media
   campaign. Label your graph completely. (4 points) 1. How does the successful media campaign affect the wage level of airplane mechanics? (1 point)
   1. What is the effect of the media campaign on the quantity of workers employed? (1 point)
   1. Why did the union support this media campaign? What did it hope to achieve? (2 points) 4. Economic rent 1. Define economic rent. (1 point)
   1. Name one of your favorite top entertainers or sports stars. Pick an entertainer who earns a lot, a
   movie star such as Courtney Love, Julia Roberts, or Tom Hanks, or a top sport star such as Kobe Bryant or Mark McGuire. Explain why this person receives so much money for his or her talent. (2
   points) 5. Interest rates 1. What is interest? (1 point)
   1. Draw a graph that represents the market for loanable funds. Label your graph completely. (2
   points) 1. Who demands loanable funds? Explain why the demand curve sweeps downward. (2 points)
   1. Who supplies loanable funds? Explain why the supply curve sweeps upward. (2 points)
   1. List any four different types of interest rates. If you need help, look in the business section of a
   daily newspaper or weekly newsmagazine or search the Internet. (2 points) 1. Explain the difference between the nominal interest rate and the real interest rate. (2 points)
   1. What is the advantage of quoting an interest rate in terms of real interest? (1 point) 6. What single factor determines how resources are allocated in a market economy? (1 point)

RUBRIC QUALITY OF RESPONSE NO RESPONSE POOR / UNSATISFACTORY SATISFACTORY GOOD EXCELLENT Content (worth a maximum of 50% of the total points) Zero points:  Student failed to submit the final paper. 20 points out of 50:  The essay illustrates poor understanding of the relevant material by failing to address or incorrectly addressing the relevant content; failing to identify or inaccurately explaining/defining key concepts/ideas; ignoring or incorrectly explaining key points/claims and the reasoning behind them; and/or incorrectly or inappropriately using terminology; and elements of the response are lacking. 30 points out of 50:  The essay illustrates a rudimentary understanding of the relevant material by mentioning but not full explaining the relevant content; identifying some of the key concepts/ideas though failing to fully or accurately explain many of them; using terminology, though sometimes inaccurately or inappropriately; and/or incorporating some key claims/points but failing to explain the reasoning behind them or doing so inaccurately.  Elements of the required response may also be lacking. 40 points out of 50:  The essay illustrates solid understanding of the relevant material by correctly addressing most of the relevant content; identifying and explaining most of the key concepts/ideas; using correct terminology; explaining the reasoning behind most of the key points/claims; and/or where necessary or useful, substantiating some points with accurate examples.  The answer is complete. 50 points:  The essay illustrates exemplary understanding of the relevant material by thoroughly and correctly addressing the relevant content; identifying and explaining all of the key concepts/ideas; using correct terminology explaining the reasoning behind key points/claims and substantiating, as necessary/useful, points with several accurate and illuminating examples.  No aspects of the required answer are missing. Use of Sources (worth a maximum of 20% of the total points). Zero points:  Student failed to include citations and/or references. Or the student failed to submit a final paper. 5 out 20 points:  Sources are seldom cited to support statements and/or format of citations are not recognizable as APA 6th Edition format. There are major errors in the formation of the references and citations. And/or there is a major reliance on highly questionable. The Student fails to provide an adequate synthesis of research collected for the paper. 10 out 20 points:  References to scholarly sources are occasionally given; many statements seem unsubstantiated.  Frequent errors in APA 6th Edition format, leaving the reader confused about the source of the information. There are significant errors of the formation in the references and citations. And/or there is a significant use of highly questionable sources. 15 out 20 points:  Credible Scholarly sources are used effectively support claims and are, for the most part, clear and fairly represented.  APA 6th Edition is used with only a few minor errors.  There are minor errors in reference and/or citations. And/or there is some use of questionable sources. 20 points:  Credible scholarly sources are used to give compelling evidence to support claims and are clearly and fairly represented.  APA 6th Edition format is used accurately and consistently. The student uses above the maximum required references in the development of the assignment. Grammar (worth maximum of 20% of total points) Zero points:  Student failed to submit the final paper. 5 points out of 20:  The paper does not communicate ideas/points clearly due to inappropriate use of terminology and vague language; thoughts and sentences are disjointed or incomprehensible; organization lacking; and/or numerous grammatical, spelling/punctuation errors  10 points out 20:  The paper is often unclear and difficult to follow due to some inappropriate terminology and/or vague language; ideas may be fragmented, wandering and/or repetitive; poor organization; and/or some grammatical, spelling, punctuation errors 15 points out of 20:  The paper is mostly clear as a result of appropriate use of terminology and minimal vagueness; no tangents and no repetition; fairly good organization; almost perfect grammar, spelling, punctuation, and word usage. 20 points:  The paper is clear, concise, and a pleasure to read as a result of appropriate and precise use of terminology; total coherence of thoughts and presentation and logical organization; and the essay is error free. Structure of the Paper (worth 10% of total points) Zero points:  Student failed to submit the final paper. 3 points out of 10: Student needs to develop better formatting skills. The paper omits significant structural elements required for and APA 6th edition paper. Formatting of the paper has major flaws. The paper does not conform to APA 6th edition requirements whatsoever. 5 points out of 10: Appearance of final paper demonstrates the student’s limited ability to format the paper. There are significant errors in formatting and/or the total omission of major components of an APA 6th edition paper. They can include the omission of the cover page, abstract, and page numbers. Additionally the page has major formatting issues with spacing or paragraph formation. Font size might not conform to size requirements.  The student also significantly writes too large or too short of and paper 7 points out of 10: Research paper presents an above-average use of formatting skills. The paper has slight errors within the paper. This can include small errors or omissions with the cover page, abstract, page number, and headers. There could be also slight formatting issues with the document spacing or the font Additionally the paper might slightly exceed or undershoot the specific number of required written pages for the assignment. 10 points: Student provides a high-caliber, formatted paper. This includes an APA 6th edition cover page, abstract, page number, headers and is double spaced in 12’ Times Roman Font. Additionally, the paper conforms to the specific number of required written pages and neither goes over or under the specified length of the paper.

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