Please, I need help with this homework This week you will explore the nature of
ID: 445236 • Letter: P
Question
Please, I need help with this homework
This week you will explore the nature of supply, demand, and price (wages) of labor in a given labor market. Labor markets may be global, national, regional, or local in scope. Within each labor market, smaller subsets exist of individuals with specific skills and abilities. For example, those individuals would possess the requisite education, licensing, and ability to practice pharmacy that would make up the subset of labor qualified to work as registered pharmacists. Each of these subsets has its own supply and demand curve, which helps to explain why, in a given labor market, there can be job openings that can't be filled while numerous workers are unemployed and seeking work. Or there may be job openings for 100 pharmacists in a market but no unemployed workers who possess the requisite job skills to fill those positions. Wage rates in a market are primarily determined by the forces of supply and demand. Whenever any commodity, including labor, is in high demand, its price tends to rise. Similarly, whenever there is an excess of a commodity, including labor, its price tends to decline. Though the forces of supply and demand play a significant role in determining wages for a given occupation in a labor market, it is not the sole determinant. Minimum wage laws act to set a wage floor in the labor market. Collective bargaining and the effect of a monopsony (a large, dominant, single buyer of labor in a market) can act to produce wage rates above or below the market equilibrium wage rate. This week you will study the nature of labor markets and the factors that affect their operation, as well as monophonies that impact wage determination. Readings and Resources Guiding Questions What is the difference between base compensation and total compensation? How does productivity relate to compensation and wage equilibrium in the market? What effect does technology have on wage rates? What effect does a monopsony have on wages? Required Readings and Resources For this week's assignment, you will undertake library, Internet, or other research that will help you understand the concepts of supply, demand, and price (wages) of labor. In completing your research, you should include a review of the concepts of marginal revenue produce (MRP) and monopsony. On the Bureau of Labor Statistics web site (bls.gov) search for, and read, the article: Boon, Z., Carson, C.M., Faberman, J., & Lig, R.E. (2008), Studying the labor market: Using BLS labor dynamics data. Monthly Labor Review. February, 2008. http://www.bls.gov/opub/mlr/2008/02/artlfull.pdf Do a BLS web site search of the most recent report on the status of the labor market. Search the Department of Labor http:/www.dol.gov/ web site for information about the various US and state minimum wage rates. Study book: Budd, J. (2010). Labor Relations: Striking a Balance 3rd edition.Explanation / Answer
Please, I need help with this homework This week you will explore the nature of