In one doc answer the following questions (Add sources link, no plagia)
1. Explain how a firm’s production function is related to its marginal product of labor, how a firm’s marginal product of labor is related to the value of its marginal product, and how a firm’s value of marginal product is related to its demand for labor. Give examples of events that could shift the demand for labor, and explain why they do so. Explain how the wage can adjust to balance the supply and demand for labor while simultaneously equaling the value of the marginal product of labor.
2. Why are coal miners paid more than other workers with similar amounts of education? In what sense is education a type of capital? How might education raise a worker’s wage without raising the worker’s productivity? Give reasons that a worker’s wage might be above the level above balances supply and demand. What difficulties arise in deciding whether a group of workers has a lower wage because of discrimination?
3. When gauging the amount of inequality, why do transitory and life cycle variation in income cause difficulties? How would a utilitarian, a liberal, and a libertarian determine how much income inequality is permissible? What are the pros and cons of in-kind (rather than cash) transfers to the poor? Describe how antipoverty programs can discourage the poor from working. How might you reduce this disincentive? What are the disadvantages of your proposed policy?
In an other doc answer
1. Do Problem 4 on p. 392.
2. Do Problem 7 on p. 411.
3. Do Problem 8 on p. 432.
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