Please help me with graph20 Click on the icon to read the news clip, then complete the followingsteps.The graph shows the market for fast-food workers.Draw a point to show the wage rate and the number of fast-food workersemployed if the minimum wage is:1) $13.00 an hour. Label the point 1.2) $15.00 an hour. Label the point 2.In the graph, at a minimum wage of $15.00 an hourminimum wage of $13.00 an hourO A. no one is unemployed and firms have all the workers they want;some workers are unemployedOB. some workers are unemployed;5OC. some workers are unemployed;tno one is unemployed and firms have all the workers they wantOD. firms cannot hire as many workers as they want;60firms cannot hire as many workers as they wantno one is unemployed and firms have all the workers they want6yhSelected:none&7Oand at au*8▸O(9kDO16.00O15.00-14.00-13.00-12.00-11.00-10.00+50Delete Clear ?Wage rate (dollars per hour)✓150200 250Quantity (thousands of workers)>>> Draw only the objects specified in the question.)0100р4+30011S11D350NextQUSb

A minimum wage is the most reduced compensation that employers can legally pay their employees

Click on the icon to read the news clip, then complete the following steps. *** The graph shows the market for fast-food workers. Draw a point to show the wage rate and the number of fast-food workers employed if the minimum wage is: 1) $13.00 an hour. Label the point 1. 2) $15.00 an hour. Label the point 2. In the graph, at a minimum wage of $15.00 an hour minimum wage of $13.00 an hour. and at a OA. no one is unemployed and firms have all the workers they want; some workers are unemployed B. some workers are unemployed; no one is unemployed and firms have all the workers they want 16.00- 15.00- 14.00- 13.00 12.00- 11.00- 10.00+ 50 Wage rate (dollars per hour) 100 150 200 250 300 Quantity (thousands of workers) S D 350 Q

Click on the icon to read the news clip, then complete the following steps. *** The graph shows the market for fast-food workers. Draw a point to show the wage rate and the number of fast-food workers employed if the minimum wage is: 1) $13.00 an hour. Label the point 1. 2) $15.00 an hour. Label the point 2. In the graph, at a minimum wage of $15.00 an hour minimum wage of $13.00 an hour. and at a OA. no one is unemployed and firms have all the workers they want; some workers are unemployed B. some workers are unemployed; no one is unemployed and firms have all the workers they want 16.00- 15.00- 14.00- 13.00 12.00- 11.00- 10.00+ 50 Wage rate (dollars per hour) 100 150 200 250 300 Quantity (thousands of workers) S D 350 Q

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter4: Labor And Financial Markets

Section: Chapter Questions

Problem 20RQ: Whether the product market or the labor market, what happens to line equilibrium price and quantity...

See similar textbooks

Similar questions

Click on the icon to read the news clip, then complete the following steps. The graph shows the market for fast-food workers. Draw a point to show the wage rate and the number of fast-food workers employed if the minimum wage is: 1) $13.00 an hour. Label the point 1. 2) $15.00 an hour. Label the point 2. In the graph, at a minimum wage of $15.00 an hour. wage of $13.00 an hour OA. some workers are unemployed; no one is unemployed and firms have all the workers they want OB. some workers are unemployed; firms cannot hire as many workers as they want ; and at a minimum OC. firms cannot hire as many workers as they want; no one is unemployed and firms have all the workers they want D. no one is unemployed and firms have all the workers they want; some workers are unemployed M 16.00 15.00- 14.00- 13.00- 12.00- 11.00- 10.00- Wage rate (dollars per hour) 50 A S 100 150 200 250 300 350 Quantity (thousands of workers) >>> Draw only the objects specified in the question. Next
$30 a week boost to minimum wage The government increased the minimum wage by $30 a week to $570 a week. Unions wanted a $35 a week increase, but employers argued that a $35 a week. increase was unaffordable. Source: ABC Australia, February 11, 2011 The graph shows a market for low-skilled labor. If the minimum wage is set at $570 a week, If the minimum wage is set at $540 a week, OA. some people who want a job can't get one; everyone who wants a job has one B. firms cannot hire all the labor they want; everyone who wants a job has one OC. everyone who wants a job has one; firms cannot hire all the labor they want OD. everyone who wants a job has one; some people who want a job can't get one 590- 580- 570- 560- 550 540- 530- 520- 510+ 9.8 Wage rate (dollars per week) A D 9.9 10.1 10 Quantity (millions of hours per year) S 10.2 Next Q Q G
$30 a week boost to minimum wage The government increased the minimum wage by $30 a week to $570 a week. Unions wanted a $35 a week increase, but employers argued that a $35 a week increase was unaffordable. Source: ABC Australia, February 11, 2011 The graph shows a market for low-skilled labor. If the minimum wage is set at $570 a week, If the minimum wage is set at $540 a week, O A. everyone who wants a job has one; firms cannot hire all the labor they want OB. firms cannot hire all the labor they want; everyone who wants a job has one OC. everyone who wants a job has one; some people who want a job can't get one OD. some people who want a job can't get one; everyone who wants a job has one M 590- 580- 570- 560- 550- 540- 530- 520- 510- 9.8 Wage rate (dollars per week) D S 9.9 10 10.1 10.2 Quantity (millions of hours per year) O J Next
By use of a graph how is an increase in minimum wage shown?
10. What is the alternative to minimum wage? Show in the graph what needs to happen for the equilibrium wage to rise, absent minimum wage.
Whether the product market or the labor market, what happens to line equilibrium price and quantity for each of the four possibilities: increase in demand, decrease in demand, increase in supply; and decrease in supply.
should the federal government raise the minimum wage? Explain
Draw a supply-demand diagram representing the impact of a minimum wage in the labor market. What does economic theory predict about the change in employment with the introduction of or increase in a minimum wage? How does the prediction above vary with elasticity of labor supply and labor demand?
The minimum wage originally was only 25 cents an hour. Today it is $7.25 an hour. Assume that Congress is considering raising the minimum wage again and your U.S. representative is asking for public opinion on this issue. Write a letter to your representative with arguments for and against a higher minimum wage.
n the news on Saturday, October 3d, 2020 Geneva voted by a two-thirds majority to introduce a minimum wage of 23 Swiss francs ($25) an hour for a 41-hour work week. That adds up to somewhere in the range of $4,100 a month, or $53,300 annually. The Geneva minimum wage is the highest minimum wage ever. In comparison, the federal minimum wage in the US is $7.25 an hour. Across the Swiss border, in France, the minimum wage is half Geneva's minimum wage (i.e, assume the French minimum wage is $12.50 an hour). The measure will be executed this month, according to an organization representing the cross-border workers of France and Switzerland. "With these votes, Geneva has managed to maintain its attractiveness by rejecting the closure of borders and adopting a minimum wage," the group wrote in a brief post, lauding the decision and stating that the opposite outcome "could have jeopardized the free movement of nearly 200,000 cross-border workers." Opponents of the new minimum wage argued that…
The graph illustrates a labor market in which there is a minimum wage of $11 an hour. Draw a point to indicate the number of hours employed and the wage rate. Draw the firms' surplus. Label it FS. Draw the workers' surplus. Label it WS. Draw the deadweight loss. Label it DWL. Draw the potential loss from job search. Label it Loss. >>> A label box can be dragged by its edge to a new position. A minimum wage creates an inefficient allocation of labor resources because at the quantity of employment O A. employment is minimized OB. unemployment is maximized O C. marginal social cost exceeds marginal social benefit O D. marginal social benefit exceeds marginal social cost 16 14- 12+ 10- 8- 6- 44 2- Wage rate (dollars per hour) S Minimum wage D Q Q 0+ 18.0 19.0 20.0 21.0 22.0 23.0 24.0 25.0 Quantity (millions of hours per year) >>> Draw only the objects specified in the question.
The graph shows the market for orange pickers in Florida. If Florida introduces a minimum wage for orange pickers of $16.00 an hour, how many pickers are employed and how many are unemployed? C If Florida introduces a minimum wage for orange pickers of $16.00 an hour, pickers are employed and pickers are unemployed. The lowest wage that some workers might be able to earn if a black market develops is $. 20.00 16.00- 12.00- 8.00- Wage rate (dollars per hour) 4.00- 1500 2250 3000 Quantity (pickers) 3750 S D 4500