ECON2302 Income and Substitution Effect Microeconomics

Question # 00641414
Course Code : ECON2302
Subject: Economics
Due on: 11/08/2022
Posted On: 11/08/2022 03:51 AM
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ECON 2302 Brookhaven College Income and Substitution Effect Microeconomics Questions

• Directions for the Problem Set

Scholastic dishonesty

The Economics Department is aware of study sites such as Cheggstudy.com. Using answers from these sites is not doing your own work and is a violation of the Student Code of Conduct. Scholastic dishonesty, according to the Dallas College Student Code of Conduct includes the following; Cheating includes copying from another student’s test or homework paper; using materials not authorized; collaborating with or seeking aid from another student during a test; knowingly using, buying, selling, stealing or soliciting (asking for) the contents of an un-administered test; and substituting for another person to take a test. Plagiarism is the appropriating (taking in a way that is illegal or unfair), buying, receiving as a gift or obtaining by any means another’s work and the unacknowledged submission or incorporation of it in one’s own written work. Collusion is the unauthorized collaboration with another person in preparing written work for fulfillment of course requirements. Any of the above is a serious offense in college. You can be given a failing grade on an assignment or test, or can be failed for the class or you can even be suspended from college.  

Set 2302 Unit 4 Problem Set

1. A firm calculates that the marginal product of labor (MPL) can be found from the following equation: MPL = 35 - 2L where L is the number of workers hired.

The production function for this firm is as follows:

Q = 35L - L2 The firm knows it can find profits with the following equation: Profit = P ´ Q - W ´ L where P stands for the selling price of the good, Q stands for total output, and W represents the wage. Price is equal to $1.  

a. If the wage is $11, how many workers will the firm hire? How much profit will it earn?

b. Compare this level of profits to those earned by the firm if it hired one fewer worker than L* and one worker more than L* to demonstrate that L* workers generate the most profit for the firm.

2. Outsourcing has been a controversial topic ever since labor and manufacturing have been able to be transported. From a free-market perspective, what makes the issue so controversial?

3. Connect the idea of the real-income effect and the substitution effect with the law of demand.

4. Graphically illustrate the deadweight loss that results when a country imposes a tariff. Explain the meaning of the deadweight loss.

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