uwindsor econ3530 labour institutions lr demand for labour

1. Discuss the difference between the HRM and the Industrial Relations approach to the study of Labour Institutions. (5 Marks)

2. 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 a SR market demand curve for labour? (10 Marks)

3. Utilizing isoquants and isocosts, derive the LR demand for labour for a firm. Your answer should include a clear explanation of the substitution and scale effects. (10 Marks)
4. Suppose that the market price for factors of production are:
W= $100/hr
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.

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