05 Jun Case 4 module The Case Assignment focuses on several concepts from
Question
Case 4 module
The Case Assignment focuses on several concepts from the labor market including marginal production, total production, and wage determination. These terms are important in determining how many workers will be hired by a firm.
Write a 4- to 5-page paper that addresses the following questions:
1.Discuss two factors that would increase demand for labor.
2.If the market price of the good or service that a firm produces increases, what happen to the demand of labor? Explain.
3.Suppose that some government-sanctioned licensing requirements are lifted (removed) in a particular industry. What would happen to the wage in this market? Explain.
4.Do some research on your own. In general, do you think the government should intervene in the labor market? (Be sure to cite your references.)
SLp 4
Most firms require labor to produce output. The number of workers to hire is often an important decision of the firm because it affects the costs and profits of the firm. Write a 2- to 3-page paper on the following issues:
1.Suppose you are the manager of the firm. What advice would you give the owners to raise the productivity of its labor? Be specific in your proposal.
2.Several cities across the United States have passed legislation to raise the living wage. How would this policy affect your firm?
3.Use the readings from the background page. Make an argument for or against living wages in your city. (Note: the living wage calculator is a useful tool to determine the cost of living where you live).
Case 5 module
Competition and Market Power
Review the following questions and prepare a 4- to 5-page paper on the following questions:
1.Explain the difference between the demand curve facing a monopoly firm and the demand curve facing a perfectly competitive firm.
2.Which of the following is (are) most likely to be produced under conditions resembling a monopoly: oil, automobiles, diamonds, electricity transmission, and eggs. Defend your answer in economic terms.
3.Name one monopoly firm you deal with. What is the source of its monopoly power? Do you think it seeks to maximize its profits?
4.This module focuses on four types of firms:
a.perfectly competitive
b.monopoly
c.monopolistic competitive
d.oligopoly
Which of the above firms would most likely have zero economic profit in the long run? (It can be more than one type.) Explain.
SLp 5
Market Structure
Some firms have a large share of the market while others are just starting. A firm can often create a brand name which gives them market power. Market power is defined as the ability to raise prices without losing all demand. Since you are analyzing franchise firms, we can conclude that the brand name is somewhat established. Write a 2- to 3-page paper about the following issues:
1.What type of market do you think your franchise operates? What type of competition does your firm face? Who are some competitors? (Even if you said your firm is a monopoly, think of some subsitutes.)
2.How do you think your firm can increase its market power?
The government often has two conflicting roles. It protects consumers by keeping prices fair and promotes a free market (entry of firms). Suppose your firm has a special patent. Do you think patent licenses should ex
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