Unit 3 Problem Set

Report
Unit 5 Problem Set
Name
Team Name
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
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.
1b. Marginal Revenue Product (MRP) and
Marginal Resource Cost (MRC) ( ____/5)
Type your answer in paragraph format. Please italicize
your answer.
1c. Monopsony ( ____/5)
Type your answer in paragraph format. Please
italicize your answer.
2.Use the chart regarding a perfectly competitive Yo-Yo factory
to complete the following:
d. Complete the chart: (_____/2)
Number of
Workers
Output
Marginal
Product
Price of
Yo-Yos
0
0
-----
$2
1
20
2
50
3
70
4
85
5
95
6
100
7
103
8
104
9
100
Total
Revenue
Marginal
Revenue
Product
-----
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.
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.
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.
3. Complete the Following Worksheets
“How Wages are Determined in Competitive
Labor Markets” (_____/12)
4. Practice FRQ
a. FRQ #1 (____/8)
-See worksheet
b. FRQ #2 (____/13)
-See worksheet
6. Turn It In Receipts ( _____/5)
-See ‘stamp sheet’
7. Format ( _____/5)
• 1. _____/15
• 2. _____/17
• 3. _____/12
•
Total: _____/75
4._____/21
5. _____/5
6. _____/5
Peer Graded by: (drop in a comment box with
your name here)

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