Exam 14: The Demand and Supply of Resources

A formerly quiet town with fantastic weather becomes "the place" to live for people from colder climates.We can expect the rental price of land to ________ and ________ land to be devoted to housing.

Yolanda owns a temp agency.She sees demand for her workers increase because firms prefer a more contingent workforce.The value of the marginal product of labor of her temps

Migration is when

If demand for land increases,the rental price ________ and the equilibrium amount of land ________.

Economic rent is

Refer to the following graphs to answer the following questions: A. B.11efbc7a_aae2_b1ce_a154_5b2bc6d63cd5_TB4871_00 C. D. E. -Choose the graph that reflects this scenario: Roman decides that he values income much more strongly because he uses the money to buy goods he can enjoy more than free time.

The labor market for doctors can be represented with the following two equations: L_S = 5 + 3W L_D = 30 - 2W Graph this labor market,highlighting equilibrium wages W* and quantity of labor L*.Label the wages where a shortage and a surplus would exist if the wage deviates from W*.

Which position is most easily outsourced?

A firm is currently using two inputs: labor and capital.It rents equipment for $1,000,which produces a value of the marginal product of $5,000.It hires workers at $10 per hour,who produce a value of the marginal product of $100.The wages of workers rise by 20 percent and the rental price of capital increases by 25 percent.The firm should hire ________ labor and ________ capital.

The labor market is said to be in equilibrium when

Consider the labor market for artisanal bakers in the United States.What would happen to labor demand or labor supply if the following situations occurred? a.Fast-food restaurants and restaurant chains start promoting artisanal foods in order to draw a more sophisticated clientele,and the ad campaign works. b.Happy that their talents are being recognized,artisanal bakers increase their rate of production. c.Social norms used to make it difficult for women to be artisanal bakers,but these norms have decreased over time. d.Tighter immigration laws prevent European bakers from entering the United States to take advantage of higher wages and benefits. e.Droughts have reduced the supply of wheat,which lowers the available amount of flour.

When Franklin earns more income but still works less,leisure is a ________ good for him.

A profit-maximizing firm in a competitive market will employ more workers until the

Which of the following is NOT a factor of production?

Use the following information to answer the following questions: Mickey L.Douglas,owner of MLD Incorporated,knows that the marginal product of labor (MPL)for his workers can be defined as follows: MPL = 32 - L The total output a given level of workers can produce is found as: Q = 32L - L² He also knows that the price of his output is $3.His profits can be found as: Profit = (P * Q)- (W * L) -What wage would be required to allow Mickey to hire the twenty-fifth worker?

What is the best economic explanation for the high pay earned by National Hockey League stars?

Doctors must complete four years of undergraduate education and four years of medical school,and work three to eight years in a hospital before they can fully practice on their own.In contrast,a worker at a fast-food restaurant need not complete high school. a.How does the difference in education and training affect the relative labor supply in these professions? b.Using a supply and demand graph and your answer to part a,show why doctors earn higher wages than fast-food workers do.

Derived demand is

Which of the following are the three factors of production?

Use the following table to answer the following questions: -If the workers are paid $10 per hour,the price of the product is $4,and the fixed cost of the business is $10,then how many workers should the business employ?