a. What is the relationship between minimum wages and employment? b. How does minimum wage affect small firm business and production workers alike? c. How does these effect younger and female workers? Explain. d. Based on the lecture notes, how is minimum wage related to the concept of price control? PYDI AIN
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- Note: Once you enter a value in a white field, the graph and any corresponding amounts in each grey field will change accordingly. PRICE (Dollars per box) 50 45 40 35 30 25 20 15 10 5 0 0 50 Supply Demand 100 150 200 250 300 350 400 450 500 QUANTITY (Millions of boxes) Graph Input Tool Market for Michigan Blueberries Price (Dollars per box) Quantity Demanded (Millions of boxes) 15 500 Quantity Supplied (Millions of boxes) (?) 2104. Minimum wage legislation The following graph gives the labor market for the fast-food industry of the imaginary city of Combopolis. Use the graph input tool to help you answer the following questions. You will not be graded on any changes you make to this graph. Note: Once you enter a value in a white field, the graph and any corresponding amounts in each grey field will change accordingly. WAGE (Dollars per hour) 2 = 12- 20 18 16 14 21 Supply Demand 090 180 270 300 450 540 630 720 810 900 LABOR (Hundreds of workers) Graph Input Tool Market for Labor in the Fast Food Industry Wage (Dollars per hour) Labor Demanded (Hundreds of workers) 900 Labor Supplied (Hundreds of workers)3. Minimum wage legislation The following graph gives the labor market for the fast-food industry of the imaginary city of Combopolis. Use the graph input tool to help you answer the following questions. You will not be graded on any changes you make to this graph. Note: Once you enter a value in a white field, the graph and any corresponding amounts in each grey field will change accordingly. WAGE (Dolars per hour) 20 18 16 14 12 10 6 4 2 0 Supply 0 00 180 270 360 450 540 630 720 810 900 LABOR (Hundreds of workers) In this market, the equilibrium wage is S Demand Labor Demanded Wage (Dollars per hour) (Hundreds of workers) B 12 True Graph Input Tool Market for Labor in the Fast Food Industry Wage (Dollars per hour) False Labor Demanded (Hundreds of workers) 6 900 Suppose the mayor of Combopolis introduces a legal minimum wage of $6 per hour. This type of price control is called a per hour, and the equilibrium quantity of labor is Labor Supplied (Hundreds of workers) True or False: A…
- The following graph shows the monthly demand and supply curves in the market for combs. Use the graph input tool to help you answer the following questions. You will not be graded on any changes you make to this graph. Note: Once you enter a value in a white field, the graph and any corresponding amounts in each grey field will change accordingly. PRICE (Dollars per comb) 528 && 28 72 64 56 48 40 16 Supply Demand 0 50 100 150 200 250 300 350 400 450 500 QUANTITY (Combo) Graph Input Tool Market for Combs Price (Dollars per comb) Quantity Demanded (Combs) 24 500 Quantity Supplied (Combs)2. Minimum wage legislation The following graph gives the labor market for the fast-food industry of the imaginary city of Combopolis. Use the graph input tool to help you answer the following questions. You will not be graded on any changes you make to this graph. Note: Once you enter a value in a white field, the graph and any corresponding amounts in each grey field will change accordingly. WAGED per hour) Graph Input Tool Market for Labor in the Fast Food Industry Wage 6 Supply Labor Demanded (Hundreds of worker) (Dollars per hour) 174 Labor Supplied (Hundreds of workers) 126 Digand 30 60 90 120 150 180 210 240 270 300 LABOR (Hundreds of workers) In this market, the equilibrium wage is S per hour, and the equilibrium quantity of labor is Suppose the mayor of Combopolis introduces a legal minimum wage of $5 per hour. This type of price control is called a hundred workers. For each of the wages isted in the following table, determine the quantity of labor demanded, the quantity of…Economics The graph on the right shows the demand and supply curves in the market for workers in Starbucks coffee shops (called "baristas"). Assume that Starbucks barnistas are unwilling to accept a wage lower than $11 per hour, causing the wage to be fixed at that level. 18- Suppose that, due to concerns about the high number of calories in many Starbucks drinks, the demand for Starbucks products declines. 16- 14- Use a graph to explain what will happen to employrment in the market for baristas? 12- 1.) Using the line drawing tool, plot either a new labor supply or labor demand curve that would result from the decline in Slarbucks sales. Label your line approprialely. 2.) Using the point drawing tool, plot a point that illustrates the new quantity of labor supplied when the wage rate is fixed at $11 per hour. Label your point 'A." 6- 3.) Using the point drewing tool, plot a point that illustrates the new quantity of labor demanded when the wage rate is fixed at $11 per hour. Label…
- The following graph shows the annual market for Florida oranges, which are sold in units of 90-pound boxes. Use the graph input tool to help you answer the following questions. You will not be graded on any changes you make to this graph. Note: Once you enter a value in a white field, the graph and any corresponding amounts in each grey field will change accordingly. Graph Input Tool Market for Florida Oranges 50 46 I Price (Dollars per box) 15 40 Supply Quantity Demanded (Millions of boxes) Quantity Supplied (Millions of boxes) 900 378 35 30 25 20 Demand 15 10 5 90 180 270 360 450 540 630 720 810 900 QUANTITY (Millions of boxes) PRICE (Dollars per box)9. Minimum wage legislation The following graph shows the labor market in the fast-food industry in the fictional town of Supersize City. Use the graph input tool to help you answer the following questions. You will not be graded on any changes you make to this graph. Note: Once you enter a value in a white field, the graph and any corresponding amounts in each grey field will change accordingly. WAGE (Dollars per hour) 20 18 16 14 12 10 2 0 0 Supply Demand 80 160 240 320 400 480 560 640 720 800 LABOR (Thousands of workers) Graph Input Tool Market for Labor Wage (Dollars per hour) Labor Demanded (Thousands of workers) the Fast Food Industry 8 480 Labor Supplied (Thousands of workers) 320The following graph shows the annual market for Florida oranges, which are sold in units of 90-pound boxes. Use the graph input tool to help you answer the following questions. You will not be graded on any changes you make to this graph. Note: Once you enter a value in a white field, the graph and any corresponding amounts in each grey field will change accordingly. Graph Input Tool Market for Florida Oranges 50 45 I Price (Dollars per box) 15 40 Supply Quantity Demanded Quantity Supplied (Millions of boxes) 174 126 35 (Millions of boxes) 30 25 20 Demand 15 10 30 60 90 120 150 180 210 240 270 300 QUANTITY (Millions of boxes) In this market, the equilibrium price is $ per box, and the equilibrium quantity of oranges is million boxes. PRICE (Dollars per box)
- 4. Minimum wage legislation The following graph gives the labor market for the fast-food industry of the imaginary city of Combopolis. Use the graph input tool to help you answer the following questions. You will not be graded on any changes you make to this graph. Note: Once you enter a value in a white field, the graph and any corresponding amounts in each grey field will change accordingly. WAGE (Dollars per hour z. 18 16 10 Supply Demand 50 100 150 200 250 300 350 400 450 500 LABOR (Hundreds of workers) Graph Input Tool Market for Labor in the Fast Food Industry Wage (Dollars per hour) Labor Demanded (Hundreds of workers) Wage Labor Demanded (Dollars per hour) (Hundreds of workers) 12 8 False 6 500 In this market, the equilibrium wage is 3 per hour, and the quilibrium quantity of labor is Suppose the mayor of Combopolis introduces a legal minimum wage of $6 per hour. This type of price control is called a Labor Supplied (Hundreds of workers) Labor Supplied (Hundreds of workers)…Need help with homework questions relating to supply/demand d) Women have always worn trousers when performing work-related activities. In 1914, however, fashion magnate and influencer Coco Chanel turned women’s trousers into afashion staple: a garment that could be worn for formal events, as well as for merefunction. How does this affect the market for women’s trousers? Explain using a diagram. (e) In 1839, Charles Goodyear invented a new method of processing natural rubber, which eventually led to the first rubber condoms being produced in 1855. Prior to this, condoms were made of treated linens, animal bladders, or fine leather. How does this affect the market for condoms? Explain using a diagram.The following graph shows the monthly demand and supply curves in the market for combs. Use the graph input tool to help you answer the following questions. You will not be graded on any changes you make to this graph. Note: Once you enter a value in a white field, the graph and any corresponding amounts in each grey field will change accordingly. PRICE (Dollars per comb) 80 72 64 8 0 Supply The equilibrium price in this market is $ Demand 0 50 100 150 200 250 300 350 400 450 500 QUANTITY (Combs) + 1 Price (Dollars per comb) Shortage or Surplus 32 48 Graph Input Tool Market for Combs Price (Dollars per comb) Quantity Demanded (Combs) per comb, and the equilibrium quantity is 24 Shortage or Surplus Amount (Combs) 500 Quantity Supplied (Combs) combs per month. Complete the following table by indicating at each price whether there is a shortage or surplus in the market, the amount of that shortage or surplus, and whether this places upward or downward pressure on prices. Pressure (?) 150
