Labor Markets

User Generated

GurPurrfr

Economics

Description

Select an organization with which you are familiar or an organization where you work.

Develop a 850 word essay to be presented to the CEO's executive committee that addresses how your chosen organization determines what quantity of labor to demand and what events could shift the demand and supply of that labor.

Explain the following in your essay:

  • How your organization's production function is related to its marginal product of labor.
  • How your organization's marginal product of labor is related to the value of its marginal product.
  • How your organization's marginal product is related to its demand for labor
  • Examples of events that could shift the demand or supply of labor and why they do so.
  • Reasons a worker's wages might be above the level that balances supply and demand.
  • An analysis of the impact that government policies addressing income inequity and poverty could have on labor demand or supply.

User generated content is uploaded by users for the purposes of learning and should be used following Studypool's honor code & terms of service.

Explanation & Answer

Attached.

Running Head: LABOR MARKETS

1

Labor Markets
Name
Course
Tutor
Date

LABOR MARKETS

2

Introduction
Organizations use different criteria in determining the number of workers that they can
require running their daily production operations. Following the previous experience, I have
gathered by working with various organizations. Currently, many firms globally are putting more
emphasis on the amount of money they can make rather than the number of workers. For
instance, the marginal product shows the increase of the organization's output by increasing labor
per unit time. On the other hand, the demand for energy depends on the size of the profit the firm
makes.
Production function and the marginal labor product
As indicated from above the marginal labor product is an indicator of the increase in
output by increasing the labor per unit time (Grossbard, 2015). If ten workers in the firm can
produce 1oo units band the company makes a good profit out of this production, then it will tend
to increase the number of workers say to 12, and the output will be 120. The two added workers
have recorded an additional of 20 units on top of the existing one thus doubling the yield of the
firm.
The marginal product of labor and marginal value
From above sent...


Anonymous
I use Studypool every time I need help studying, and it never disappoints.

Studypool
4.7
Trustpilot
4.5
Sitejabber
4.4

Related Tags