Question

what are the factor(factors) that determine the quantity of labor supplied?

what are the factor(factors) that determine the quantity of labor supplied?

Homework Answers

Answer #1

Quantity of labour supplied depends upon various factors:

  • Wage: This is the primary factor determining labour supplied and varies directly with it. An increase in wages would increase labour supplies and vice versa.
  • Non Labour income: People with greater non labour income tend to work less than those with no income. This is because at higher income levels, the income effect because of non labour income outstrips substitution effect.
  • Non Monetary benefits: When non monetary benefits are lucrative, labour supplied increase despite constant wages.

Thanks!

Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
According to the classical​ model, if an excess quantity of labor is supplied at a particular...
According to the classical​ model, if an excess quantity of labor is supplied at a particular wage​ level, full employment will be maintained because A. wages will fall rapidly to permit businesses to continue hiring everyone who wants to work. B. the government will establish special work programs. C. the government will step in and stimulate spending. D. the equilibrium wage rate will rise to stimulate spending.
The quantity supplied of a commodity Y by a competitive firm is assumed to be a...
The quantity supplied of a commodity Y by a competitive firm is assumed to be a function of the price of Y and the wage rate of labor used in the production of Y. The sample data are given in the following table:- Quantity Supplied (Y) 20 30 60 76 100 130 125 135 Price (X1) 10 21 40 42 30 60 50 42 Wage rate of labor (X2) 12 9 5 4 7 3 3 2 Required: Find the...
Discuss several of the major factors that may affect the quantity and quality of a labor...
Discuss several of the major factors that may affect the quantity and quality of a labor in a nation. Give examples
Explain the difference between a change in supply and a change in quantity supplied. List the...
Explain the difference between a change in supply and a change in quantity supplied. List the factors that change supply and shift the supply curve
Q2. The following tables how the quantity supplied and quantity demanded of a commodity at certain...
Q2. The following tables how the quantity supplied and quantity demanded of a commodity at certain unit prices. Unit price Quantity demanded Quantity supplied $1.50 1150 340 $2.75 712.5 652.5 $3.25 537.5 777.5 5a. From the information given in the table above ,describe in your own words, how would you go about showing that the quantity demanded and supplied are linear functions of price ,without having to plot a graph. b.By demonstrating what you have describe above, show that the...
Suppose that the quantity demanded and quantity supplied in the market for milk is as follows:...
Suppose that the quantity demanded and quantity supplied in the market for milk is as follows: Price per Gallon Quantity Demanded Quantity Supplied $5 1,000 5,000 $4 2,000 4,500 $3 3,500 3,500 $2 4,100 2,000 $1 6,000 1,000 2.a. What is the equilibrium price and quantity of milk? 2.b. If the government places a price ceiling of $2 on milk, will there be a shortage or surplus of milk? How large will it be? How many gallons of milk will...
1. Occurs when quantity supplied > quantity demanded at a given price Excess supply (is this...
1. Occurs when quantity supplied > quantity demanded at a given price Excess supply (is this correct) Result in elasticity Result in equilibrium price Excess demand 2. Which of the following statements is true The supply curve shows the relationship between quantity demanded and price of the good or service The Law of Demand helps to explain social behavior In the law of supply, an increase in price results in an increase in quantity supplied. (Is this correct) When consumer...
Distinguish between changes in “supply” and changes in “quantity supplied”. Which refers to a shift in...
Distinguish between changes in “supply” and changes in “quantity supplied”. Which refers to a shift in a supply curve and which refers to a movement along a supply curve? Discuss the factors that can cause a change in supply and demonstrate graphically an increase/ decrease in supply. What is the effect of an increase/ decrease in supply on equilibrium price and equilibrium quantity? Demonstrate graphically and explain.
Equilibrium: Question 1 options: a) occurs when the quantity demanded is equal to the quantity supplied....
Equilibrium: Question 1 options: a) occurs when the quantity demanded is equal to the quantity supplied. b) occurs when all the consumers are fully satisfied. c) can never occur in a capitalist economy. d) is also called the market-creating price. The demand curve represents Question 3 options: consumer's marginal opportunity cost producer's marginal opportunity cost consumer's marginal willingness to pay consumer's marginal propensityto consume An effective price ceiling leads to: Question 14 options: a) quantity supplied equal to quantity demanded....
A minimum wage set above the equilibrium wage will​ ________ the quantity of labor demanded and​...
A minimum wage set above the equilibrium wage will​ ________ the quantity of labor demanded and​ ________ the quantity of labor supplied. A. ​increase; decrease B. ​decrease; decrease C. ​decrease; increase D. ​increase; increase E. not​ change; not change
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT