Just answer 2,4,6,8 and 10.

Chapter 13 or 26. Factor Markets With Emphasis on the Labor Market: Pre- Class & In-Class Activities Packet Name/ I.D. Number: Section: Date: Part 3 . Discussion Questions and Problems 1. What does it mean to say that the demand for a factor is a derived demand? 2. Why is the MRP curve a firm's factor demand curve? 3. What forces and factors determine the wage rate for a particular type of labor? 4. What is the relationship between labor productivity and wage rates? 5. What might be one effect of government legislating wage rates? 6. Using the theory developed in this chapter, explain the following: a. Why a worker in Ethiopia is likely to earn much less than a worker in Japan b. Why the army expects recruitment to rise during economic recessions c. Why basketball stars earn relatively large incomes d. Why jobs that carry a health risk offer higher pay than jobs that do not, ceteris paribus. 7. Discuss the factors that might prevent the equalization of wage rates for identical or comparable jobs across labor markets. 8. Discuss the firm's objective, its constraints, and how it makes choices in its role as a buyer of resources. 9. Explain the relationship between each of the following pairs of concepts: a. The elasticity of demand for a product and the elasticity of demand for the labor that produces the product b. The ratio of labor cost to total cost and the elasticity of demand for labor C. The number of substitutes for labor and the elasticity of demand for labor 10. What do substitution and income effects have to do with the supply curve of labor