Consider the graph of the labor market shown here. At the wage rate of $14, the number of unemployed people in this market is: Wage $15 $14 $13 20 22 Labor supply Labor demand 24 Quantity of labor (in thousands)
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- Whether the product market or the labor market, what happens to line equilibrium price and quantity for each of the four possibilities: increase in demand, decrease in demand, increase in supply; and decrease in supply.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?Other than the demand for labor, what would be another example of a 'derived demand?
- What is die price commonly called in the labor market?Name some factors that can cause- a shift in the supply curve in labor markets.Predict how each of the following events will raise or lower the equilibrium wage and quantity of oil worker in Texas. In each case, sketch a demand and supply diagram to illustrate your answer. The price of oil rises. New all-drilling equipment is invented that is cheap and requires few workers to run. Several major companies that do not drill oil open factories in Texas, offering many well-paid jobs outside the oil industry. Government imposes costly new regulations to make oil-drilling a safer job.
- In Lexington, 150 people are willing to spend an hour working as personal trainers for an hourly wage of $15. For each additional $5 that the wage increases above $15, an additional 50 people are willing to spend an hour working. For hourly wages of $15, $20, $25, $30, and $35, plot the daily labor supply curve for personal trainers on the following graph. Supply 0 50 100 150 200 250 300 350 400 450 500 50 45 40.In Houston, 150 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, an additional 50 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. 50 Supply 40 20 10 180 190 20 190 300 190 40 490 sao LABOR (Number of workers) What is one explanation for why this labor supply curve is upward sloping? Wages have to increase to accommodate union pressure. Labor production functions exhibit diminishing marginal returns. o Unemployment benefits are steadily declining. o The opportunity cost of leisure decreases as wages decrease. (noy od sog aowmThe province of BC is increasing the wage of family doctors from $250,000 to $385,000. A local radio announcer interviewed the Health Minister and said “Woe, that’s a lot of money. It’s too much.” In a graph below draw the labor market for family doctors in BC. In terms of economics, what would it mean if the new wage was “too much”? (i.e. show on the graph) Currently in the province, under the old wage, 20% of the population (a million people) are unable to access a family doctor. Replicate your graph from (a) and show this current situation. Do you think the new wage is going to be “too much”? Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.
- 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 greaterQuestion The graph below represents the labor market for dog trainers. What is the equilibrium quantity of dog trainers? Wage PE = $16 Labor Market for Dog Trainers QE = 900 D QuantityThe graph illustrates the hiring market for crane operators in the state of Florida. A workers' union has successfully petitioned the government to impose a minimum wage of W1 for crane operators. If the government lowers the minimum wage to W2, then Wage supply Rate W1 W2 demand Number of Crane Operators Image created by Steven Sproles for Virtual Virginia, 2020. Employment of crane operators will decrease because firms will be less willing to hire more workers at the new wage O Employment of crane operators will decrease because fewer crane operators will be willing to work at the new wage O Employment of crane operators will increase because more crane operators will be willing to work at the new wage Employment of crane operators will remain unchanged O Employment of crane operators will increase because firms will hire more workers at the new wage