Unit 5 Problem Set

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# Unit 5 Problem Set - PowerPoint PPT Presentation

Unit 5 Problem Set. Name Team Name. Integrity Agreement.

I am the owner, or an agent authorized to act on behalf of the owner, of the copyrighted work described.

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### Unit 5 Problem Set

Name

Team Name

Integrity Agreement

I, (insert your name here), agree that all of the work in this presentation is my original work. I agree to keep this work to myself this year and for future years. I understand that if this work is not my own original work or if I share my original work with others, that I will be sent to my GLC for academic dishonesty.

Digital Signature: type your full name here

1.Define the term and explain a situation that demonstrates the ‘real world’ application of each of the following. Make sure your example clearly demonstrates your understanding of each concept.

a. Derived Demand ( ____/5)

1b. Marginal Revenue Product (MRP) and Marginal Resource Cost (MRC) ( ____/5)

1c. Monopsony( ____/5)

2.Use the chart regarding a perfectly competitive Yo-Yo factory to complete the following:

d. Complete the chart: (_____/2)

2a. Fully explain why the number of yo-yos produced increases at a decreasing rate as more workers are hired. Identify and explain the three stages of returns. ( ____/5)

2b. Explain how a firm decides how many workers to hire. If the wage was constant at \$25 per day, how many workers should be hired? Explain how you got your answer. ( ____/5)

2c. Assume there is an increase in demand of yo-yos and they are now \$3 each. Explain how the level of employment be affected. How many workers should be hired? Why did it change? ( ____/5)

3. Complete the Following Worksheets

“How Wages are Determined in Competitive Labor Markets” (_____/12)

4. Practice FRQ
• FRQ #1 (____/8)

-See worksheet

b. FRQ #2 (____/13)

-See worksheet

6. Turn It In Receipts ( _____/5)

-See ‘stamp sheet’

7. Format ( _____/5)

1. _____/15 4._____/21

• 2. _____/175. _____/5
• 3. _____/126. _____/5

Total: _____/75

Peer Graded by: (drop in a comment box with your name here)