WAGE (Dollars p10201510500204060 80 100 120 140LABOR (Number of workers)100 100 200What is one explanation for why this labor supply curve is upward sloping?Labor production functions exhibit diminishing marginal returns.People prefer to spend time doing leisure activities rather than working.Wages have to increase to accommodate union pressure.The opportunity cost of leisure increases as wages increase. 9. Plotting the supply of laborIn Chicago, 40 people are willing to work an hour as cashiers if the wage is $20 per hour. For each additional $5 that the wage rises above $20, anadditional 20 people are willing to work an hour.For wages of $20, $25, $30, $35, and $40 per hour, plot the daily labor supply curve for cashiers on the following graph.WAGE (Dollars per hour)5046403530252015pia Homework105-0-Supply

The reason why the labour supply curve is upward sloping is because the opportunity cost of leisure…

2 WAGE (Dolla 20 15 10 5 20 40 60 80 100 120 140 LABOR (Number of workers) 100 100 200 What is one explanation for why this labor supply curve is upward sloping? Labor production functions exhibit diminishing marginal returns. People prefer to spend time doing leisure activities rather than working. Wages have to increase to accommodate union pressure. The opportunity cost of leisure increases as wages increase.

2 WAGE (Dolla 20 15 10 5 20 40 60 80 100 120 140 LABOR (Number of workers) 100 100 200 What is one explanation for why this labor supply curve is upward sloping? Labor production functions exhibit diminishing marginal returns. People prefer to spend time doing leisure activities rather than working. Wages have to increase to accommodate union pressure. The opportunity cost of leisure increases as wages increase.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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