QUESTION 1

2. Fill in the missing numbers in the following table. Quantity of Total Marginal Marginal Marginal Labor Output Product of Revenue Revenue (workers) Labor Product P 22 22 $2 2 45 N W 20 N 4 80 EN 10 2 If the wage rate is $25, how many workers should the firm hire?7. Draw a graph for a labor market with a perfectly inelastic (vertical) labor demand curve and an upward-sloping labor supply curve. Label the equilibrium quantity of labor Le and the equilibrium wage rate We. Draw a dotted line at the level of a minimum wage rate set above the equilibrium wage rate. Label the minimum wage Wm and the quantity of labor supplied at the minimum wage I'm. Label the distance along the horizontal axis that represents unemployment.11. Advances in automation and robotics have eliminated some jobs. Examples include cashiers replaced by self-checkout lanes and manufacturing workers replaced by robotic arms. At the same time, those technological advances have created new jobs for engineers, software developers, and other workers who build, sell, and support the new systems. What incentives are there for workers to obtain the levels of education required to fill these new jobs? Do you believe these incentives are adequate? Explain one new government policy or program you would implement to encourage more workers to obtain the education and training needed to fill high-tech jobs