In a particular industry, labor supply is ES = 10 + w and labor demand is ED = 40 -4w,where E is the level of employment and w is the hourly wage.(a) If government imposed minimum wage $7. Calculate the surplus labor at minimum wage.
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In a particular industry, labor supply is ES = 10 + w and labor demand is ED = 40 -4w,where E is the level of employment and w is the hourly wage.(a) If government imposed minimum wage $7. Calculate the surplus labor at minimum wage.
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- In a particular industry, labor supply is ES = 10 + w and labor demand is ED = 40 -4w,where E is the level of employment and w is the hourly wage.(a) if minimum wage imposed is $8 then how many worker will lose their jobs.If the marginal revenue brought by hiring a worker is at P450/day, and the minimum wage is P537/day, what should the firm do? (A Hire more workers B Fire workers Stay at the current level D cut back on hours of workThe demand curve for gardeners is G(D) = 19 – W, where G = the numberof gardeners, and W = the hourly wage. The supply curve is G(S) = 4 + 2 W . a. Suppose the town government imposes a $2 per hour tax on all gardeners. Indicate the effect of the tax on the market for gardeners.What is the effect on the equilibrium wage and the equilibrium number of gardeners hired? How much does the gardener receive? Howmuch does the customer pay? How much does the government receiveas tax revenue?
- In a particular industry, labor supply is ES = 10 + w and labor demand is ED = 40 -4w,where E is the level of employment and w is the hourly wage.(a) What is the equilibrium wage.(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-$45Rea... M Rea... gnment Score: tion 14 of 18 > O Macmillan Learning Real wage rate 100 90 Q 80 70 60 50 40 Place the line segment in the hypothetical labor market in the graph to indicate an efficiency wage of $50. 30 20 10 0% 0 0 100 Pint... achieve.macmillanlearning.com A efficiency wage .ljasd... Star... B C The... labor demand labor supply 200 300 400 500 600 700 800 900 1,000 Labor (billions of hours per year) Resources Give Up? What are the quantities of labor demanded and supplied at the efficiency wage? Hey... DII (191... ▷ Hint Gdep...
- an increase in the minimum wage can be expected to cause: 1-surplus of labor 2-shortage of labor 3-shift in the labor supply curve 4-shift in the labor demand curve Choose the right answerSuppose a firm purchases labor in a competitive labor market and sells it product in a competitive product market. The firm's elasticity of demand for labor is -2.50. Suppose the wage increases by 4%. By what percentage will the quantity of labor hired by the firm change? Show your work.a) Based on economic surplus, explain who gains and who loses in the case of the minimum wage and whether the overall impact for society is positive or negative.
- In a city where the equilibrium hourly wage for unskilled, entry-level workers is $11, the U.S. federal minimum wage of $7.25 will have no effect. It is a non-binding price floor. will have no effect. It is a non-binding price ceiling. will increase the equilibrium wage from $11 to something higher. will bring the equilibrium wage from $11 down to $7.25. will discourage unskilled workers from entering the labor market.Please discuss the pros and cons of the minimum wageGoogle Chrome "quiz/attempt.php?attempt3D1472513&cmid%3720934&page=D19 (Academic) 22 LS 20 18 Minimum wage 16 14 12 10 LD 100 200 300 400 500 600 700 Quantity (thousands of workers} The above figure shows the market for finish carpenters in Bozeman. If there is a minimum wage set at $18, what is TRUE? Select one: O a. The lowest wage for which someone is willing to work is $18 an hour. Ob. 200,000 workers are employed. O c. The quantity of jobs demanded is more than the quantity supplied. O d. The quantity of jobs increases to 400,000. O e. The lowest wage for which someone is willing to work is $20 an hour. arcan coing search 00 HUAWEI Nova 3 AI CAMERA