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SSSSS [86.1K]
3 years ago
15

In a particular labor market, the demand for labor is given by W = 20 – (1 / 100)L, and the supply of labor is given by W = 4 +

(1 / 100)L, where W is the wage rate and L is the number of workers. The equilibrium wage is _____, and the equilibrium number of workers is _____. $10; 1,000 $12; 800 $20; 1,000 $8; 1,200
Business
1 answer:
PSYCHO15rus [73]3 years ago
7 0

Answer:

Equilibrium wage is $12

Equilibrium number of workers is: 800

Explanation:

Because in equilibrium, the price in this case, wage should be the same for the demand and for the supply you can equal both equations:

w=20-(1/100)L ; w=4+(1/100)L

20-(1/100)L=4+(1/100)L

Then, you should get L by algebra:

L(-1/100-1/100)=4-20

L(-2/100)=-16

L=1600/2

L=800

The equilibrium number of workers is 800

Then you replace this answer in either the supply or demand equation:

w=4+(1/100)*800

w=4+8

w=12

The equilibrium wage is: $12

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The law of diminishing marginal utility states that the: Multiple choice question. marginal utility associated with the consumpt
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<h3>What does the law of diminishing marginal utility State?</h3>
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<h3>Which law does the law of diminishing marginal utility affect?</h3>
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<h3>What is law of diminishing marginal returns?</h3>
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2 years ago
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3 years ago
Karen and Ethan execute the same roles and responsibilities at their organization. However, Ethan earns more than Karen. Under t
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Answer:

The answer is B. Ethan has more experience than Karen.

Explanation:

Now, lets take each Answer option separately and see why only B is correct.

Option A is no longer legally accepted or ethical. Perhaps during the era of segregation back in 1960s' this option could have been acceptable. But today it is illegal and is considered as a violation of basic human rights.

Option C is not correct as well because although people with special needs and physical requirements are entitled to receive certain special treatments, paying them more solely based on their disability is not considered suitable nor ethical.

Option D is unacceptable. No one can assume that men have more stamina than women. There are competent, strong and qualified women who can do their jobs much better than men. So we cannot accept this as an answer.

Option E is incorrect as well. Although a person could be an immigrant, once that person has lawfully taken the citizenship of a country, that "immigrant" is considered as a "citizen" of that country (this is not applicable for illegal immigrants!).

However, we can take option B as the answer. This is because when comparing a new employee with a more experienced employee, we can't see any problem in paying the experienced employee more.

4 0
3 years ago
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