5. The governor is concerned about poverty in the state and decided to raise the minimum wage from $7.25/hour to $15/hour. She claims that this would be an effective way to assist low income families, although she is also concerned that the potential loss of jobs due to the new policy will lead to increased unemployment. Assume the market for workers in this state is perfectly competitive and draw a graph showing supply and demand for workers. Demonstrate the effect of the policy on the graph and briefly evaluate the governor's claims.

I need help with A, B and C

1. Economic rent The following graph shows a competitive labor market. 50 40 40 WAGE RATE (Dollars per hour) 20 30 30 10 0 2 4 Labor Supply Labor Demand Labor Supply Economic Rent Labor Demand 6 8 10 QUANTITY OF LABOR (Billions of hours) Opportunity Cost (?) Based on the graph, the total amount paid to workers in this market (that is, total labor earnings) is On the graph, use the green triangle (triangle symbols) to shade the portion of labor earnings that consists of economic rent. Then, use the purple quadrilateral (diamond symbols) to shade the portion of labor earnings that consists of opportunity cost.

Economics: Labor Economics Question:  Native labor demand and supply are given by the following functions: w = 19 - 0.001ED and w = 10 + 0.0005ES Show your work a.What is the native employment in equilibrium? [a] b.What is the native equilibrium [b]   Suppose that 2,000 immigrants that are perfectly substitutes for native workers now enter the market and their labor supply is perfectly inelastic. c.How many natives will be employed after the immigrants enter (round to the nearest whole number)? [c] d.What is the equilibrium wage for all workers in this market after the immigrants enter (round to the hundredth of a dollar)? [d]   Thank you for your support and help Education Agent!

2, a. Given the supply and demand for labor services, where wage is the price of labor services, explain the impact of a minimum wage above the equilibrium wage on employment. Draw a graph to illustrate this and explain the graph in words.

How would imposing a minimum wage below the market-clearing wage affect employment in a competitive labor market?   Group of answer choices a. Employment would be unchanged because the market forces drive the wage to a higher level.   b. Employment would decrease as some workers who are willing to work at the lower competitive wage would no longer be able to find work. there would be a shortage of labor   c. Employment would increase because setting a minimum wage below the market wage would increase the quantity of labor demanded   d. Employment would decrease because the quantity of labor supplied would decrease

Explain the impact that supply and demand have on pricing. Include how supply and demand is influenced by the labor market and the role of the labor union. Also, compare and contrast the impact different types of market structures have on supply and demand.

Economics: Labor Economics Question: 1 An employment subsidy will cause all of the following to occur except: A. An employment subsidy is essentially a negative tax B. An employment wage subsidy reduces the net wage a firm pays C. An employment subsidy will shift the labor demand curve up D. An employment subsidy does not affect the size of a firm's workforce   Question: 2 The lower the elasticity of substitution between labor and capital the less elastic is the demand for labor. This is because: a.a firm is more willing to pay higher labor costs if it is difficult to substitute capital for labor. b.a firm is less willing to pay higher labor costs if it is easy for the firm to substitute capital for labor. c.the firm’s output price falls when the firm produces more output. d.labor supply increases when wage increase e.firms always have options of substituting capital for labor.   Question: 3 In terms of migration what is mean by wage convergence? a. Wages in a particular location will…

Chapter 06 News Analysis: Should the Minimum Wage Increase? 15 Labor Market WAGE (Dollars per hour) 12 0 0 200 400 600 Labor Supply + Wage Rate (Dollars per hour) $11.7 Labor Demanded 220 Labor Supplied 780 (Thousands of workers) (Thousands of workers) Surplus Labor 560 (Thousands of workers) Labor Demand Labor Demand Shifters Tax Credit 0 (Dollars per hour) 800 1000 QUANTITY (Thousands of workers) Suppose the minimum wage in this economy is $11.70 per hour. An unemployed worker is defined as someone who is willing to work at the prevailing wage but is unable to find employment. Because the minimum wage lies above the equilibrium wage, it is binding, which means it is also the prevailing wage. If the wage is not allowed to fall below $11.70 per hour, the size of the unskilled labor force is workers are considered unemployed. workers, and unskilled The unemployment rate is defined as the percentage of unemployed workers in the labor force: Unemployment Rate = Labor Force Unemployed x…