3. Interpreting the supply of labour The following graph depicts the daily labour supply curve for Amy, a worker in the fast-food industry in Toronto.
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- 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?Refer to Table 3.1. Suppose that you have a house that you rent out. If you keep the lawn maintained, you can charge a higher monthly rent for the house. If your hourly wage rises from $25 to $35, what happens to the number of hours per week you spend maintaining the lawn? Hours Per Week Maintaining Lawn 0 4 8 12 16 20 They don't change. They fall by 12 hours OThey fall by 4 hours They fall by 8 hours. Table 3.1 Benefit (Additional Monthly Rent) $0.00 $150.00 $260.00 $330.00 $390.00 $450.00Consider the market for labor depicted by the demand and supply curves that follow. Use the calculator to help you answer the following questions. You will not be graded on any changes you make to the calculator. Graph Input Tool Market for Labor 24 I Wage (Dollars per hour) 21 Supply 3.00 Labor Supplied (Thousands of workers) 18 Labor Demanded (Thousands of workers) 1,050 150 15 12 Demand 3 150 300 450 600 750 900 1050 1200 LABOR (Thousands of workers) Complete the following table with the quantity of labor supplied and demanded if the wage is set at $15.00. 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? $15.00 Suppose a senator considers introducing a bill to legislate a minimum hourly wage of $15.00. Which of the following statements…
- 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) 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…11. Calculating the price elasticity of supply Larry is a retired teacher who lives in New York City and provides math tutoring for extra cash. At a wage of $40 per hour, he is willing to tutor 7 hours per week. At $50 per hour, he is willing to tutor 10 hours per week. Using the midpoint method, the elasticity of Larry's labor supply between the wages of $40 and $50 per hour is approximately which means that Larry's supply of labor over this wage range is Grade It Now Save & Continue
- Table 1-1 red 2.00 Hours Total Revenue tion Орen (dollars) $35 2. 60 80 4. 92 100 105 Eva runs a small bakery in the village of Roggerli. She is debating whether she should extend her hours of operation. Eva figures that her sales revenue will depend on the number of additional hours the bakery is open as shown in the table above. She would have to hire a worker for those hours at a wage rate of $12 per hour. Refer to Table 1-1. Using marginal analysis, how many should extendI bakery's hours of operations Select one: O a. 3 hours O b. 2 hours Oc. 5 hours O d. 6 hours O e. 4 hoursdraw a budget line for a person who works 2000 hours a year today at 16$ per hour and expects to work 2000 hours in the future at the same wage. then show the effect on the graph if he increases his hourly wage to 50$an hour12. The figure shows Edwyn’s labor supply curve. Consider a wage increase from $5 to $6. For Edwyn, does the price effect or income effect dominate his labor supply decision? Consider a wage increase from $7 to $8. For Edwyn, does the price effect or income effect dominate his labor supply decision?
- Resources Submit All Question 21 of 30 <. The graph shows an individual labor supply curve. Use the graph to answer the questions. Between which two points on the graph does the income effect outweigh the substitution effect? Between points В B and C O A and C OD and E OC and E Quantity of labor Between which two points on the graph does the substitution effect outweigh the income effect? 8:2 46°F 12/1 a Wage rate11. Calculating the price elasticity of supply Dina is a stay-at-home parent who lives in Denver and does some consulting work for extra cash. At a wage of $25 per hour, she is willing to work 6 hours per week. At $35 per hour, she is willing to work 16 hours per week. Using the midpoint method, the elasticity of Dina's labor supply between the wages of $25 and $35 per hour is approximately that Dina's supply of labor over this wage range is which meansConsider the labor market defined by the supply and dema curves plotted on the following graph. Use the calculator to help you answer the following question You will not be graded on any changes you make to the calculator. WAGE (Dollars per hour) 20.0 17.5 15.0 12.5 10.0 7.5 5.0 2.5 0 Supply Demand 125 250 375 500 625 625 750 875 1000 LABOR (Thousands of workers) Graph Input Tool Market for Labor Wage (Dollars per hour) Labor Demanded (Thousands of workers) Labor Demanded Labor Supplied Wage (Thousands of workers) (Thousands of workers) Shortage or Surplus? $7.50 Binding minimum wages cause frictional unemployment. 2.50 875 Complete the following table with the quantity of labor supp and demanded if the wage is set at $7.50. 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 grap and in the table. For example, type in 100 for 100,000 workers. If the minimum wage is set at $10.50, the market will not reach…
