Qif a firm faces a shortage of workers with very special, Ask an Expert

Economics

Q. If a firm faces a shortage of workers with very special skills, it may decide to undertake necessary training itself. if on the other hand it faces a shortage of unskilled workers, it may well off a small wage increase in order to obtain the extra labour. in the first case it is responding to an increase in demand for labor by attempting to shift the supply curve. in the second case it is merely allowing a movement allong the supply curve.
a. use a diagram to illustrate each case.
b. outline reasons why the marginal revenue product differs between workers in different jobs.

View complete question

Business Economics, Economics

Category:- Business Economics
Reference No.:- M9722216

Have any Question?Write your Review or question?

Related Questions in Business Economics

Metro trains in manhattan arrive at your train station

Metro trains in Manhattan arrive at your train station exactly every 15 minutes (i.e., the times between arrivals are 15, 15, 15, and 15 in an hour). If you just arrived at the train station at a random time, what is the ...

How do you find the minimum sample size when population

How do you find the minimum sample size when population standard deviation is anywhere between 14 to 24, and the half-width B desired could be anywhere between 2 to 7?

The mean length of 12 newly hatched iguanas is 700 inches

The mean length of 12 newly hatched iguanas is 7.00 inches with a standard deviation of 0.75 inches. Construct and interpret a 90 % confidence interval for the mean length of all newly hatched iguanas. Assume that the le ...

Inc 409661 2796 pop sample size 400se 5458

INC = 40966.1 + 2.796 POP' sample size = 400 (se) (545.8) (.2796); R2 = .2468 1. Where INC is the income in millions of dollars and POP the population in millions of people. Provide an interpretation of the slope of the ...

In a survey of women in a certain country ages 20-29 the

In a survey of women in a certain country? (ages 20-?29), the mean height was 65.3 inches with a standard deviation of 2.71 inches. Answer the following questions about the specified normal distribution. ?(a) What height ...

If the coefficient of determination is 0738 what percentage

If the coefficient of determination is 0.738, what percentage of the data about the regression line is unexplained?

Suppose that 1 of the employees of a certain company use

Suppose that 1% of the employees of a certain company use illegal drugs. This company performs random drug tests that return positive results 99% of the time if the person is a drug use. However, it also has a 2% false p ...

A student is gathering data on the driving experiences of

A student is gathering data on the driving experiences of other college students. One of the variables measured is the type of car the student drives. These data are coded using the following method: 1 = subcompact, 2 = ...

A financial consultant is interested in the differences in

A financial consultant is interested in the differences in capital structure within different firm sizes in a certain industry. The consultant surveys a group of firms with assets of different amounts and divides the fir ...

You want to be a millionaire when you retire in 35 yearsa

You want to be a millionaire when you retire in 35 years. a. How much do you have to save each month if you can earn an annual return of 10.7 percent? (Do not round intermediate calculations and round your answer to 2 d ...

4,153,160 Questions Asked
13,132 Experts
2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

Recent Questions

Ask Business Economics Expert