If anyone could explain these answers that would be great and a life saver!:)1. Assume that a large firm buys all the farms in northern Florida and becomes the only employer of farm workers in the northern half of the state. Explain how the competitive labor market functioned before the buyout of the independent farms. How was the wage rate and quantity of workers employed in the market determined?What will happen to the wage rate and employment of farm workers after the industry becomes monopsonistic? Illustrate your answer with an appropriate graph. What is MRC? Why is MRC a part of the monopsony graph and not a part of the perfectly competitive labor market graph?2. Review the data below in Table 4-1, and then answer parts a through c. Figure 4-1 $10 0 -- -- $11 1 $11 $17 $12 2 $13 $16 $13 3 $15 $15 $14 4 $17 $14 $15 5 $19 $13 $16 6 $21 $12 If the firm employing this labor were a monopsonist, explain what the wage rate and the quantity of labor employed would be.If the market for this labor were perfectly competitive, what would the wage rate and quantity of labor employed be?Explain what the impact on wages and employment would be if a large urban school district (the only significant employer of K-12 teachers for 200 miles), was broken into 85 independent school-firms, each competing for the services of good teachers.Question 3 (Essay Worth 20 points)Explain the role labor’s productivity plays in wage determination in the competitive labor market. If productivity increases, what happens to wages and why?What is meant by the term “compensating wage differentials?”Why is the demand for labor called a “derived demand.”
This question was answered on: May 23, 2022
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