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Assume that the current wage in a market is $15 at that wage 60 individuals

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1. Assume that the current wage in a market is $15 at that wage 60 individuals are willing to work. When the wage increases to $25, 80 individuals are willing to work. Explain the intuition here as in why are more people willing to work using and explaining the substitution and income effects associated with labor supply. Which effect dominates and what has happened to the price of leisure given this increase in the wage.

It changes to:

List and explain two reasons as to why Ns might have changed this way.

  1. Explain why the profit-maximizing level of employment for a firm occurs when the marginal revenue product of labor equals the nominal wage. How can this profit- maximizing condition be expressed in real terms?

  2. What does the Beveridge curve measure? Give a real-life example that could cause the Beveridge curve to shift to the left. Is this what we are currently seeing in the United States? If not, what are we seeing in the US? Explain.

  3. Explain why the vacancy supply curve slopes downward and why the wage setting curve slopes upward. 

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