16 Questions total - 8 Micro & 8 Macro

1. If work provides disutility, why do people ever engage in either market work or nonmarket work?

2. What does it mean to say that the demand for a resource is a derived demand? Why does the supply curve of a resource slope upward?

3. Why does the division of resource earnings into economic rent and opportunity costs depend on the resource owner's elasticity of supply?

4. What is the price of an hour of leisure? An hour of nonmarket work? What does it mean to say that leisure is a normal good? Why doesn’t the market supply curve for labor bend backward?

5. Distinguish between mediation and arbitration. Explain how industrial unions tend to raise wages and why unemployed workers do not offer to work for less money.

6. Addition question. Does not have to be a certain amount of words. Just answered:

Many individuals feel that they have little influence over the wage rate they receive, and that employers decide unilaterally what wage they will pay. How do you square this fact with the model of wage determination presented in this chapter? Optional: What are the pros and cons of sending jobs overseas? What, and who, makes this such a "hot" topic in the news media?

Instructions: I need each question (5 questions) answered in 75 words or greater. The additional question (6) doesn’t have a word limit and it does not need to be long. There are also 2 case study questions attached as a PDF file to the homework (not in this word document) that need to be answered that also need to be at least 75 words. There are a total of 8 questions being asked. I need the book that is being used to be referenced in APA format. The book being used is ECON MICRO 3 by William A. McEachern. I need these back Saturday (3/23) by 9:00pm so that I have time to read over and submit them. 9:00 EST.