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ECON3530 Labour Institutions: Labour and Management
- Course Code: ECON3530
- Course Title: Labour institutions
- Referencing Styles : Open
- Words: 10000+
- University: University of Windsor
- Country: CA
- Discuss the difference between the HRM and the Industrial Relations approach to the study of Labour Institutions. (5 Marks)
- Illustrate and explain how we derive short-run demand for labour for a firm. Why can we not just horizontally sum all SR firm demand curves to get an SR market demand curve for work? (10 Marks)
- Utilizing isoquants and isocosts, derive the LR demand for labour for a firm. Your answer should involve a clear explanation of the substitution and scale effects. (10 Marks)
- Suppose that the market price for factors of production is:
R = $200/hr
Suppose as well that presently, the firm is producing Qo where MPL = 50 units/hr and MPK = 50 units/hr. Is this a cost-minimizing method of production? Illustrate and explain what the firm should do in this situation.