The Push-Up Machine - Labor Market Activity

The video tutorial introduces a pushup machine that converts human pushups into electricity, priced at $1 per pushup. The instructor explains the fixed cost of the machine and the wage for workers. Through a classroom activity, students simulate hiring workers to maximize profit, learning about marginal analysis and diminishing returns. The tutorial concludes with a discussion on the impact of minimum wage on hiring decisions.

How does the concept of perfect competition apply to the pricing of electricity in this scenario?

Evaluate responses using AI:

OFF

What are the fixed and variable costs associated with the pushup machine?

Evaluate responses using AI:

OFF

What is the relationship between the number of workers hired and the total output produced?

Evaluate responses using AI:

OFF

Discuss the impact of a minimum wage on the number of workers a company can hire.

Evaluate responses using AI:

OFF