Suppose that the president proposes a new law aimed at reducing healthcare costs, All Americans are required to eat one apple daily.

How would this apple-a-day law affect the demand and equilibrium price of apples?

Suppose that the president proposes a new law aimed at reducing healthcare costs: All Americans are required to eat one apple daily.

How would the law affect the demand and equilibrium wage for apple pickers?

Suppose that the president proposes a new law aimed at reducing healthcare costs, All Americans are required to eat one apple daily.

How would the law affect the demand and equilibrium wage for apple pickers?

Show the effect of each of the following events on the market for labor in the computer manufacturing industry. a. Congress buys personal computers for all U.S. college students. b. More college students major in engineering and computer science. c. Computer firms build new manufacturing plants.

Suppose that the president proposes a new law aimed at reducing healthcare costs: All Americans are required to eat one apple daily.

How would this apple-a-day law affect the demand and equilibrium price of apples?

Suppose that the president proposes a new law aimed at reducing healthcare costs, All Americans are required to eat one apple daily.

How would the law affect the marginal product and the value of the marginal product of apple pickers?

Show the effect of the following event on the market for labor in the computer manufacturing industry.

Congress buys personal computers for all U.S. college students..

Suppose that the president proposes a new law aimed at reducing healthcare costs: All Americans are required to eat one apple daily.

How would the law affect the marginal product and the value of the marginal product of apple pickers?

If the population of the United States suddenly grew because of a large immigration, what would happen to wages? What would happen to the rents earned by the owners of land and capital?

If the population of the United States suddenly grew because of a large immigration what would happen to wages? What would happen to the rents earned by the owners of land and capital?

If the population of the United States suddenly grew because of a large wave of immigration, what would happen to wages? What would happen to the rents earned by the owners of land and capital?

Explain how a firm's production function is related to its marginal product of labor, how a firm's marginal product of labor is related to the value of its marginal product, and how a firm's value of marginal product is related to its demand for labor.

Policymakers sometimes propose laws requiring firms to give workers certain fringe benefits, such as health insurance or paid parental leave. Let’s consider the effects of such a policy on the labor market. a. Suppose that a law required firms to give each worker $3 of fringe benefits for every hour that the worker is employed by the firm. How does this law affect the marginal profit that a firm earns from each worker at a given cash wage? How does the law affect the demand curve for labor? Draw your answer on a graph with the cash wage on the vertical axis. b. If there is no change in labor supply, how would this law affect employment and wages? c. Why might the labor-supply curve shift in response to this law? Would this shift in labor supply raise or lower the impact of the law on wages and employment? d. As discussed in Chapter 6, the wages of some workers, particularly the unskilled and inexperienced, are kept above the equilibrium level by minimum-wage laws. What effect would a fringe-benefit mandate have for these workers?

The New York Times reported that “the inability of OPEC to agree last week to cut production has sent the oil market into turmoil [leading to] the lowest price for domestic crude oil since June 1990.”

The newspaper also noted OPEC’s view “that producing nations outside the organization, like Norway and Britain, should do their share and cut production.” What does the phrase “do their share” suggest about OPEC’s desired relationship with Norway and Britain?