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Unit 5 Problem Set

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

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Unit 5 Problem Set

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  1. Unit 5 Problem Set Name Team Name

  2. 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

  3. 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) Type your answer in paragraph format. Please italicize your answer.

  4. 1b. Marginal Revenue Product (MRP) and Marginal Resource Cost (MRC) ( ____/5) Type your answer in paragraph format. Please italicize your answer.

  5. 1c. Monopsony( ____/5) Type your answer in paragraph format. Please italicize your answer.

  6. 2.Use the chart regarding a perfectly competitive Yo-Yo factory to complete the following: d. Complete the chart: (_____/2)

  7. 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) Type your answer in paragraph format. Please italicize your answer.

  8. 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) Type your answer in paragraph format. Please italicize your answer.

  9. 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) Type your answer in paragraph format. Please italicize your answer.

  10. 3. Complete the Following Worksheets “How Wages are Determined in Competitive Labor Markets” (_____/12)

  11. 4. Practice FRQ • FRQ #1 (____/8) -See worksheet b. FRQ #2 (____/13) -See worksheet

  12. 6. Turn It In Receipts ( _____/5) -See ‘stamp sheet’ 7. Format ( _____/5)

  13. 1. _____/15 4._____/21 • 2. _____/175. _____/5 • 3. _____/126. _____/5 Total: _____/75 Peer Graded by: (drop in a comment box with your name here)

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