unit 5 problem set rubric
DESCRIPTION
Real World Application of Key Concepts Question #1 Real World Application of Key Concepts 5 Points EACH 2 Points Definition 3 Points Clear ExampleTRANSCRIPT
Unit 5 Problem Set Rubric Real World Application of Key
Concepts
Question #1 Real World Application of Key Concepts 5 Points EACH 2
Points Definition 3 Points Clear Example 2 Points: Some
confusion/Unclear 1 Point: Major confusion
1. Derived Demand Definition (2 points): Demand for resources is
derived by the demand for the product in which they make. If demand
for product goes up, the demand for the resource goes up and vice
versa. Example 3 Points: Clear example If demand for surfboards
increases, the demand for shapers (the resource used to make
surfboards) also increases. 2 Points: Some confusion/Unclear The
demand for surfboards changes the demand for shapers 1 Point: Major
confusion If the demand for shapers up, the demand for surfboards
goes up. 2. MRP and MRC Definition (2 points): MRP is the
additional revenue generated by an additional resource. It is the
marginal product of the worker times the price of the products they
make MRC is the additional cost of hiring an additional resource.
MRC equals the wage in perfect competition. Example: (Must show
BOTH) 3 Points: Clear example 2 Points: Some confusion 1 Point:
Major confusion 3. Monopsony Definition (2 points): A monopoly for
labor. An imperfectly competitive labor market that is
characterized by one firm that does all the hiring. The firm is a
wage maker. Example: 3 Points: Clear example 2 Points: Some
confusion 1 Point: Major confusion How Wages are Determined in a
Competitive Labor Markets
12 Points Question #3 How Wages are Determined in a Competitive
Labor Markets There are 16 questions, but only 12 will be worth
points. Grade only the answers in BLUE. 1 point for each answer
(Must be full sentence)
1. Two factors that affect demand for labor? MRP (additional
revenue generated) Productivity of the worker Price of related
resources (subs and comp) 2. How does MRP affect demand for labor?
MRP equals the demand for labor. The MRP of a worker reveals how
much they are worth to the firm. The greater the MRP the greater
the demand. 3. Why is demand curve downward sloping? Each worker is
less productive and is worth less than the previous worker due to
dim. marginal returns. As wage falls, the quantity that of workers
that firms will hire will increase. 4. What determines supply of
labor? Quantity of qualified workers/Government licensing Societal
attitude toward leisure and work 1 point for each answer (Must be
full sentence)
5.Why is supply upward sloping? To increase the amount of workers
that are willing to work, the wage must increase. Each worker
values leisure activities more than the previous worker. 6. $3.00
(1/2 point) workers (1/2 point) workers supplied workers demanded
workers laid off workers enter 12. Fewer workers would lose their
job 13. Unskilled will lose their jobs 1 point for each answer
(Must be full sentence)
14. Who benefits? Workers who dont get fired and are now get a
higher wage 15. Who is hurt by minimum wage? Workers that are fired
because the quantity demand by firms fall due to the increase in
wage Firms that must pay higher labor costs 16. Do you favor higher
minimum wage? Why? Full points if their opinion is supported by an
clear explanation. 8 Points FRQ#1 This FRQ has parts from units 3,
4, and 5.
13 Points FRQ#2 This FRQ has parts from units 3, 4, and 5. S1
S1