Using a diagram of the labor market, show the effectof an increase in the minimum wage on the wagepaid to workers, the number of workers supplied, thenumber of workers demanded, and the amount ofunemployment
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Using a diagram of the labor market, show the effect
of an increase in the minimum wage on the wage
paid to workers, the number of workers supplied, the
number of workers demanded, and the amount of
unemployment
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- Name some factors that can cause a shift in the demand curve in labor markets.Explain how the wage can adjust to balance thesupply and demand for labor while simultaneouslyequaling the value of the marginal product oflabor.The following graph illustrates a labour market. If the market wage rate is currently $5 per hour, what is the equilibrium wage rate likely to be? Wage rate($) 10 9 8 7 6 5 4 3 2 1 0 SL e.7 f.4 0 1 2 3 4 st DL 5 6 7 8 9 10 Quantity of labour a. 3 b.5 c.8 d. it is not possible to say because there are two equilibria
- iples of Microeconomics Spring20 spring21 - Wage rate Idollars per hou 8 2 0 40 80 120 160 Quantity of labor (millions of hours per year P The figure above shows the market for low-skilled labor in Midland city in a nation to the south. The government sets a minimum wage at $6 per hour. With the minimum wage law enacted, at the quantity of labor employed, the value to the firm of last worker hired is the wage rate for which that person is willing to work. O a the same as O b. $3 per hour greater than Oc $3 per hour less than Od $1 per hour greaterWil save tihis response. Question 9 Wage per Hour Quantity of Labor Supplied Quantity of Labor Demanded 30 SAR 160 240 50 SAR 180 220 70 SAR 90 SAR 200 200 220 180 110 SAR 240 160 130 SAR 260 140 What is the equilibrium wage in the above labor market?Which of the diagrams illustrates the effect of an increase in automobile worker wages on the market for automobiles? i dont understand why it would be D.
- Consider the labor market defined by the supply and demand curves plotted on the following graph. Use the calculator to help you answer the following questions. You will not be graded on any changes you make to the calculator. WAGE (Dollars per hour) 24 21 18 15 12 6 3 0 0 Supply Demand 150 300 450 600 750 900 1050 1200 LABOR (Thousands of workers) Graph Input Tool Market for Labor Wage (Dollars per hour) Labor Demanded (Thousands of workers) Which of the following statements are true? Check all that apply. 3.00 1,050 Labor Supplied (Thousands of workers) Suppose the federal government contemplates a new law that would create a national minimum wage of $9.00 per hour. Complete the following table with the quantity of labor supplied and demanded if the wage is set at $9.00. Then indicate whether this wage will result in a shortage or a surplus. Hint: Be sure to pay attention to the units used on the graph and in the table. For example, type in 100 for 100,000 workers. Labor Demanded…Consider the labor market defined by the supply and demand curves plotted on the following graph. Use the calculator to help you answer the following questions. You will not be graded on any changes you make to the calculator. WAGE (Dollars per hour) 20.0 17.5 Supply 15.0 12.5 10.0 7.5 5.0 25 Demand 0 125 250 375 500 625 750 LABOR (Thousands of workers) 875 1000 Graph Input Tool Market for Labor Wage (Dollars per hour) 2.50 Labor Demanded (Thousands of workers) 875 Labor Supplied (Thousands of workers) 125 Complete the following table with the quantity of labor supplied and demanded if the wage is set at $12.50. Then indicate whether this wage will result in a shortage or a surplus. Hint: Be sure to pay attention to the units used on the graph and in the table. For example, type in 100 for 100,000 workers. Labor Demanded Labor Supplied Wage (Thousands of workers) (Thousands of workers) Shortage or Surplus? $12.50 Suppose the federal government contemplates a new law that would create a…The graph shows a market for labor Draw a line that atrales a minimum wage that creates unemployment of 3 million hours a year Label t OA price floor OB quantity celing OC price celing OD quarty foor 400 5.50 100 450- 4004 3.50 300 250 2004 Wage a las per hour * 2007 zis-a zis No 250 260 Qty of hours per year **Draw only the objects specified in the question
- Consider the labor market defined by the supply and demand curves plotted on the following graph. Use the calculator to help you answer the following questions. You will not be graded on any changes you make to the calculator. WAGE (Dollars per hour) 24 21 18 3 0 Supply Demand 150 300 450 600 750 900 1050 1200 LABOR (Thousands of workers) Graph Input Tool Market for Labor Wage (Dollars per hour) Labor Demanded (Thousands of workers) 3.00 1,050 Labor Supplied (Thousands of workers) Complete the following table with the quantity of labor supplied and demanded if the wage is set at $9.00. Then indicate whether this wage will result in a shortage or a surplus. Hint: Be sure to pay attention to the units used on the graph and in the table. For example, type in 100 for 100,000 workers. Labor Demanded Labor Supplied Wage (Thousands of workers) (Thousands of workers) Shortage or Surplus? $9.00 Suppose the federal government contemplates a new law that would create a national minimum wage of…Predict how each of the following events will raiseor lower the equilibrium wage and quantity of oilworkers in Texas. In each case, sketch a demand andsupply diagram to illustrate your answer.a. The price of oil rises.b. New oil-drilling equipment is invented that ischeap and requires few workers to run.c. Several major companies that do not drill oilopen factories in Texas, offering many well-paidjobs outside the oil industry.d. Government imposes costly new regulations tomake oil-drilling a safer job1.what is the Working time and wage-effort bargain .
