Consider the following figure to answer the following question. (Kenyan shillings per mo 20,000 15,000 12.000 10,000 20,000 36,000 30,000 45,000 Answer Suppose that the labor market is in equilibrium. The government has decided to implement a minimum wage of $10,000 Kenyan Shillings per month. How much does the number of hired change? (DL-3) a. Changes by 6000 units of labor b. Change by 9000 units of labor. c. Changes by 0 units of labor d. Changes by 15000 units of labor OA OB Supply OC Demand 60,000 Quantity D

Consider the following figure to answer the following question. (Kenyan shillings per mo 20,000 15,000 12.000 10,000 20,000 36,000 30,000 45,000 Answer Suppose that the labor market is in equilibrium. The government has decided to implement a minimum wage of $10,000 Kenyan Shillings per month. How much does the number of hired change? (DL-3) a. Changes by 6000 units of labor b. Change by 9000 units of labor. c. Changes by 0 units of labor d. Changes by 15000 units of labor OA OB Supply OC Demand 60,000 Quantity D

Microeconomics A Contemporary Intro

10th Edition

ISBN:9781285635101

Author:MCEACHERN

Publisher:MCEACHERN

Chapter12: Labor Markets And Labor Unions

Section: Chapter Questions

Problem 12QFR

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Consider the following figure to answer the following question. Wage (Kenyan shillings per month) 20,000 15,000 12,000 10,000 20,000 36,000 30,000 45,000 Answer * Suppose that the labor market is in equilibrium. The government has decided to implement a minimum wage of $10,000 Kenyan Shillings per month. How much does the number of hire change? (DL-3) QA a. Changes by 6000 units of labor b. Change by 9000 units of labor. c. Changes by 0 units of labor d. Changes by 15000 units of labor OB Supply Demand 60,000 OD Quantity of labor Submit
A company operates in a competitive market, selling each unit of output for a price of $20 and paying the market wage of $270 per day for each worker it hires. In the following table, complete the column for the value of the marginal product of labor (VMPL) at each quantity of workers. Marginal Product of Value of the Marginal Product Labor Labor Output (Units of output) of Labor (Number of workers) (Units of output) (Dollars) 20 1 20 19 2 39 18 3 57 15 72 12 5 84 On the following graph, use the blue points (circle symbol) to plot the firm's labor demand curve. Then, use the orange line (square symbols) to show the wage rate. (Note: If you cannot place the wage rate at the level you want, move the two end points individually.) Hint: Remember to plot each point halfway between the two integers. For example, when the number of workers increases from 0 to 1, the value of the marginal product for the first worker should be plotted with a horizontal coordinate of 0.5, the value halfway…
There was an increase in demand for im-person shopping what would you expect to happen to equilibrium wage of retail register workers?
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You are HR di, ector for a growing law firm in Tampa, Florida, which cu."ently has need of writing 30 legal briefs every hour. Each of your company's attorneys can write on average five briefs per hour. You are consid ring hiring four paralegals to shoulder the load; each pa alegal is a bit slower than the attorneys and can write on average only 2.5 briefs per hour. You scan the current wages in the Tampa area and notice that the attorneys in your company earn the local occupational median wage of $41.64 per hour, but that the prospective four paralegals will likely want to get paid their local occupational median wage of $23.66 per hour. a. Would /our company save money in the writing of the 30 legal briefs by hiring the four paralegals and firing some attorneys? b. The local Tampa Paralegal Union has observed that the Bureau of Labor Statistics projects that employment of paralegals over the next decade will rise considerably faster than the employment of lawyers…