01 Jun ECN 212 Homework Set #3 – Dr. Roberts
Question
ECN 212 Homework Set #3 – Dr. Roberts
Homework Set #3 is due in the Lab no later than Friday, April 4, 2014. Late Homework will not be accepted under any circumstance. The early submission deadline is Wednesday, April 2. Early submissions will receive 2 extra credit points. Answers must be turned in on an “exam SYSTEM II” Scantron, form # 229633, available at the ASU Bookstore. Answer sheets must be marked in pencil and contain your name and 10 digit ASU Identification Number.
1. In the figure above, a monopsony will pay the wage rate
a. W1 and hire Q1.
b. W3 and hire Q1.
c. W2 and hire Q2.
d. W1 and hire Q3.
e. W1 and hire Q2.
2. In the figure above, if this were a competitive labor market they would pay the wage rate
a. W2 and hire Q2.
b. W3 and hire Q1.
c. W1 and hire Q3.
d. W1 and hire Q2.
e. W1 and hire Q1.
3. In the figure above, if the government imposes a minimum wage of W2, what quantity of labor will a competitive labor market hire?
a. A quantity less than Q1
b. Q1
c. Q3
d. None
e. Q2
4. In the figure above, if the government imposes a minimum wage of W2, what quantity of labor will a monopsonist hire?
a. Q3
b. A quantity less than Q1
c. Q2
d. Q1
e. None
________________________________________
Number of Workers Output per Hour ________________________________________
0 0
1 7
2 12
3 15
4 17
5 18
________________________________________
5. According to the table above, if the product price is $3 and the wage rate is $6 per hour, how many workers should this firm hire?
a. 3
b. 5
c. 4
d. 1
e. 2
6. According to the table above, the marginal revenue product of the
a. fourth worker is $68.
b. third worker is $3.
c. fifth worker is $3.
d. second worker is $12.
e. first worker is $3.
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