Business, 14.03.2020 02:24 jenniferleeross53

Jimi owns a music school that specializes in teaching guitar. Jimi has a limited supply of rooms for his instructors to use for lessons. As a result, each successive instructor adds less to Jimi's output of lessons. The following table lists Jimi's production function. Guitar lessons cost $25 per hour. Quantity of labor Quantity of lessons (hours) a. Construct Jimi's labor demand schedule at each of the following daily wage rates for instructors: $75, $100, $125, $150, $175, $200. b. Suppose that the market price of guitar les- sons increases to $35 per hour. What does Jimi's new labor demand schedule look like at the daily wage rates listed in part (a)? 5. In an effort to create a healthcare safety net, the government requires employers to provide healthcare coverage to all employees. What impact will this increased coverage have in the following labor markets in the short run? a. the demand for doctors b. the demand for medical equipment c. the supply of hospital beds

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Jimi owns a music school that specializes in teaching guitar. Jimi has a limited supply of rooms for...

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