Labour economics
Explain the uniqueness of the labour market and discuss its implications of the labour market in your country.
Homework Answers
The implication of free labour movement arising from the recently adopted common market on the Tanzanian labour market are as follows.
The main reason of the cause of free labour movement is Migration of labour
The position of labour in East African common market is very poor because of less employment opportunities and that’s why the free labour movement arising as a result of less growth.
The involvement of International Labour Organisation is a big implication of free labour market movement
The presence of industrial units to make the consideration for the labours is also a big implication of this movement.
Government of Tanzania now considering the problem in situation of the labours working.
The formation of trade union and it’s really worth increased after this movement.
Now the new labour legislations are reframed according to the present situation.
The new investment policies and the creation of new Global trade with effect from the free labour movement is now on a positive direction.
The functionality of government changed and the various type of support is not available for the trade unions.
The real existence of Labour values are now in a trend.
Consider two countries that produce cloth and widgets with labour as the unique production factor using...
Consider two countries that produce cloth and widgets with labour as the unique production factor using a linear technology. Given the following information: Unit Produced by One Worker/Hour Cloth Widgets Home 200 400 Foreign 120 60 i. What is the opportunity cost of cloth in terms of widgets for the Home country? For the Foreign country? (5 points) ii. In which good does the Home country have comparative advantage? Why? (5 points) ii. Assume that on the world market one...
Labour Demand with Monopsony in the Labour Market and Perfect Competition in the Output Market in...
Labour Demand with Monopsony in the Labour Market and Perfect Competition in the Output Market in Short Run. Suppose a monopsony has a production function Q = 2L. The firm sells its output in a perfectly competitive market at a price of $200 and its market supply of labor is w=20L. a. Determine the profit-maximizing level of employment and wage offered by the firm. b. Make a diagram. Explain why Marginal Cost of Labour increases at a faster rate than...
Labour Demand with Monopsony in the Labour Market and Monopoly in the Output Market. You are...
Labour Demand with Monopsony in the Labour Market and Monopoly in the Output Market. You are the manager of a business that operates as a Monopolist in the output market, and it is a Monopsonist in the local labour market. The production function of the business is given by: Q = S2L In the production function, Q is output, L is the number of workers employed, As a Monopolist, the firm faces a market demand given by: P= Q-BQ As...
8. Discuss what the short and long run effects of an inflow of labour into a...
8. Discuss what the short and long run effects of an inflow of labour into a country would have on factor returns and output.
Labour Demand with Perfect Competition in the Labour Market and Perfect Competition in the Output Market...
Labour Demand with Perfect Competition in the Labour Market and Perfect Competition in the Output Market in the Long Run. You are the manager of a business that operates in perfectly competitive markets {both the Labour Market and Output Market}. The production function of the business is given by:Q =2L1/4K1/4 .The price of the product is “10”. The wage rate is “1”. The price of capital is “2”. 1. Find the use of labour and capital in the long run....
1. Labour Market. Draw a diagram of the labour market where there above the equilibrium level....
1. Labour Market. Draw a diagram of the labour market where there above the equilibrium level. Use I to denote the amount of labour to denote the amount of labour hired. bour market where the real wage is stuck note the amount of labour willing to work and L1 Now suppose there is an increase in technology that raises the demand the new demand curve and explain what happens to the and curve and explain what happens to the number...
What characteristics of the labour market make it distinctive from other markets, justifying a special sub-discipline...
What characteristics of the labour market make it distinctive from other markets, justifying a special sub-discipline of economics? What are the major implications of the neoclassical model of labour supply and demand? How realistic is this model? (5+3+2 = 10 points)
The neoclassical model of labour supply is based on a number of assumptions. List and discuss any five assumptions that...
The neoclassical model of labour supply is based on a number of assumptions. List and discuss any five assumptions that you think are most unrealistic for modelling the labour supply decisions made by workers in a developing country such as South Africa.
1. Outline the main factors that influence a firm’s decision to hire labour. Why do we...
1. Outline the main factors that influence a firm’s decision to hire labour. Why do we refer to the demand for labour as a ‘derived demand. 2. Define (i) the marginal product of labour and (ii) the average product of labour. 3. Explain with the aid of diagrams, the employer’s optimal employment decision in the short-run. 4. Explain with the aid of diagrams, why the industry demand for labour curve is steeper than the sum of individual firms’ marginal revenue...
Exercise 2. Wage setting, labour demand and unemployment 1. Explain why union wage claims are moderated...
Exercise 2. Wage setting, labour demand and unemployment 1. Explain why union wage claims are moderated by a higher price elasticity in the representative firm's product demand curve. 2. In the text we found that the wage elasticity of labour demand is higher at the sectoral level than at the aggregate level. Explain why this is so. 3. 'Tougher product market competition will reduce structural unemployment'. Explain this state- ment. Discuss what the government could do in practice to promote...
Consider two countries that produce cloth and widgets with labour as the unique production factor using a linear technology. Given the following information: Unit Produced by One Worker/Hour Cloth Widgets Home 200 400 Foreign 120 60 i. What is the opportunity cost of cloth in terms of widgets for the Home country? For the Foreign country? (5 points) ii. In which good does the Home country have comparative advantage? Why? (5 points) ii. Assume that on the world market one...
Labour Demand with Monopsony in the Labour Market and Perfect Competition in the Output Market in Short Run. Suppose a monopsony has a production function Q = 2L. The firm sells its output in a perfectly competitive market at a price of $200 and its market supply of labor is w=20L. a. Determine the profit-maximizing level of employment and wage offered by the firm. b. Make a diagram. Explain why Marginal Cost of Labour increases at a faster rate than...
Labour Demand with Monopsony in the Labour Market and Monopoly in the Output Market. You are the manager of a business that operates as a Monopolist in the output market, and it is a Monopsonist in the local labour market. The production function of the business is given by: Q = S2L In the production function, Q is output, L is the number of workers employed, As a Monopolist, the firm faces a market demand given by: P= Q-BQ As...
1. Labour Market. Draw a diagram of the labour market where there above the equilibrium level. Use I to denote the amount of labour to denote the amount of labour hired. bour market where the real wage is stuck note the amount of labour willing to work and L1 Now suppose there is an increase in technology that raises the demand the new demand curve and explain what happens to the and curve and explain what happens to the number...
What characteristics of the labour market make it distinctive from other markets, justifying a special sub-discipline of economics? What are the major implications of the neoclassical model of labour supply and demand? How realistic is this model? (5+3+2 = 10 points)
Exercise 2. Wage setting, labour demand and unemployment 1. Explain why union wage claims are moderated by a higher price elasticity in the representative firm's product demand curve. 2. In the text we found that the wage elasticity of labour demand is higher at the sectoral level than at the aggregate level. Explain why this is so. 3. 'Tougher product market competition will reduce structural unemployment'. Explain this state- ment. Discuss what the government could do in practice to promote...
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