microeconomics assignment

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MICRO ASSIGNMENTS – UNIT 3

ANSWER ANY FIVE QUESTIONS

ALL ANSWERS MUST BE IN YOUR OWN WORDS
ANSWER TO EACH QUESTION MUST BE AT LEAST 250 WORDS

Assignment 1:

Answer any three questions:

What factors explain wage differentials? Why do movie stars get paid much more than school teachers?

How is marginal revenue product of labor (MRP) different from marginal physical product of labor (MPP)? How are the two related to each other?

You are the CEO of Donald Trump Industries. Explain what the hiring rule is for your firm.

Explain (with the help of an example) the concept of derived demand for factors of production.

What is a backward bending supply curve? Explain the concept with the help of an example.

Assignment 2:

Answer any two questions:

If Coca-Cola opens a bottling plant in Brazil, what effect would it have on that country’s Gini co-efficient?

How does a union use its economic power? What are the various strategies it tries to use to meet its goals?

What specific strategies has U.S.A used in the past 60 years to bridge the income inequality gap?

Explain with the help of examples the difference between income inequality and wealth inequality?

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