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alexandr1967 [171]
2 years ago
7

A. If a wage of $10.25 were to be imposed on this market, such that the market was not longer strictly competitive, what would b

e the value for labor supply?
b. At the imposed wage of $10.25 what would be the value for labor demand?
c. Provide a properly labeled and appropriately articulated Labor Market Model given the labor supply and demand equations provided and the imposed wage of $10.25.
d. Based on the labor market model you’ve now illustrated, how would you describe the current condition of this market given the imposed wage?
Business
1 answer:
enot [183]2 years ago
6 0

Solution :

Given the wage = $ 10.25 that is to be imposed to the market.

Given equation :

L_D = 500 – 45W and L_S = -200 + 25W

If the wage of $10.25 is to be imposed to the market, the value of the labor supply can be found by putting the value of the wage in the labor supply equation.

At W = 10.25

Putting this value in the above equation, the labor supply would be

L_S = -200 + 25W

L_S = -200 + 25(10.25)

     = 56.25

When W = 10.25, the value for the labor demand can be found by :

L_D = 500 – 45W

L_D = 500 – 45(10.25)

L_D = 500 – 461.25

L_D = 38.75

Therefore, the labor demand and the labor supply model is

L_D = 400 - 45 x 10.25

L_S = -200 + 25 x 10.25

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From the Demand data that we have in this question,

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Doug is the vice president of product development for a corporation that makes flavored honey. Doug proposes to the board that t
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most likely will not be held responsible because of the business judgment rule.

Explanation:

A business judgement rule is a legal provision that protects the board of a company from frivolous legal actions as flregards its business decisions.

Boards of companies are assumed to act in good faith, within their fiduciary standards of loyalty, prudence and care that the board owes to shareholders.

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