Student Name: Summary Questions Formulas, work, and analysis must be shown to earn points. i What factor's impact demand for labor? Give specific examples of how changes in each factor will impact the labor demand curve. Why is demand for labor downward sloping? Research how the substitution and income effects impact labor supply. Discuss your findings by explaining how each effect impacts labor supply. Why do they work in opposite directions? Using the text or a reliable internet source, read about the following pieces of legislation that have impacted unions in the 20" century. Briefly describe the contents of each law and how it affected unions in the United States. A} Sherman Anti-trust Act B) Clayton Anti-trust Act C) Mational Labor Relations Act D) Fair Labor Standards Act Assume a firm is currently employing labor and capital in such a way that the cost minimizing [ T 10 = with the left side of the equality representing the MP,/P, and the right S L quality rep g T 4 side representing the MPy/Px. Suppose the marginal productivity of capital increases by 20 units. How should the firm change its consumption of labor and capital to restore the cost minimizing equality? equality is