Predict how each of the following events will raise or lower the equilibrium wage and quantity of lumber mill workers in Idaho. It may help to sketch a demand and supply diagram to illustrate your answer, but no need to send it to me. a. Demand for newly constructed homes increases nationwide. b. New sawmill equipment is invented that improves the productivity of the existing mills. c. Statewide economic growth results in many alternative employment opportunities opening up.

Predict how each of the following events will raise or lower the equilibrium wage and quantity of lumber mill workers in Idaho. It may help to sketch a demand and supply diagram to illustrate your answer, but no need to send it to me. a. Demand for newly constructed homes increases nationwide. b. New sawmill equipment is invented that improves the productivity of the existing mills. c. Statewide economic growth results in many alternative employment opportunities opening up.

Survey Of Economics

10th Edition

ISBN:9781337111522

Author:Tucker, Irvin B.

Publisher:Tucker, Irvin B.

Chapter10: Labor Markets And Income Distribution

Section: Chapter Questions

Problem 6SQP

See similar textbooks

Similar questions

Why are the factors that shift the demand for a product different from the factors that shift the demand for labor? Why are the factors that shift the supply of a product different from those that shift the supply of labor?
Name some factors that can cause- a shift in the supply curve in labor markets.
Explain the effect of an increase in demand for tomatoes on demand or supply of tomato pickers. What is the effect on wages of tomato pickers and the number of tomato pickers hired.
For each of the following determine the impact on the demand or the supply of labor and effect on the equilibrium wage and quantity of labor employed. 1. The marginal productivity of workers rises.2. The government has just adopted an open-door immigration policy3. People desire leisure more than ever before
For each of the following determine the impact on the demand or the supply of labor and the effect on the equilibrium wage and quantity of labor employed. a. An increase in the price of capital. b. A union is formed which uses collective bargaining to obtain higher wages for its members. c. The marginal productivity of workers rises. d. People desire leisure more than ever before (e.g. it is Christmas Day). e. The wages offered in other labor markets requiring similar skills are now offering substantially higher wages. f. The fringe (non-monetary) benefits offered in this market have increased substantially. g. The government has just adopted an "open-door' immigration policy?
20. Over the last 60 or so years, the percentage of women with paid jobs has increased significantly. Is this increase in female employment associated with an increase in the demand for labor, or is it associated with an increase in the supply of labor?
(1) If the demand for product Y increases significantly, then A- the demand for the labor used to make Y decreases. B-the quantity of labor supplied to produce Y will decrease. C-the supply of labor to produce Y will increase. D-only the quantity demanded of labor increases E-the demand for the labor used to make Y increases (2)If the wage in a perfectly competitive labor market is $15 and the marginal product of the last worker employed is 3 units, what must be the market price for the good being produced? Assume a perfectly competitive output market. A- $5. B-$12. C-$15. D-$18. E-$45
14. The figure shows the supply and demand for labor in the textile industry. In each of the following scenarios, identify the direction of the shift in either the supply or demand curve and state whether the resulting equilibrium wage and quantity increase or decrease. What are the original equilibrium wage and quantity? Immigration and layoffs from other jobs increase the population of textile workers. A new technology for making self-printed T-shirts reduces the marginal product of labor for textile workers.
For each of the following determine the impact on the demand or the supply of labor and effect on the equilibrium wage and quantity of labor employed. The marginal productivity of workers rises. The government has just adopted an open-door immigration policy People desire leisure more than ever before
Show the effect of each of the following events (using a properly labeled supply/demand diagram) on the market for labor in the computer manufacturing industry.A. Congress buys personal computers for all U.S. college students. B. More college students major in engineering and computer science.C. Computer firms build new manufacturing plants and a new study shows declining job satisfaction in the computer manufacturing industry.
Predict how each of the following events will raise or lower the equilibrium wage and quantity of oil workers in Texas. In each case, sketch a demand and supply diagram to illustrate your answer. a. The price of coal rises. b. New oil-drilling equipment is invented that is cheap and requires few workers to run. c. Several major companies that do not mine coal open factories in Texas, offering many well-paid jobs outside the oil industry. d. Government imposes costly new regulations to make oil-drilling a safer job.
Ford Motors 2010-2019 How does the type of labor used (high-skilled or low-skilled) impact the supply of labor? How do these influence the wage rate in the company?