Consider the labor market for webpage designers illustrated in the graph to the right. What is the equilibrium wage? $ per hour. (Enter a numeric responses using an integer.) Suppose fewer firms demand webpages. Use the line drawing tool to draw either a new labor supply curve or a new labor demand curve that shows how this affects the labor market for webpage designers. Carefully follow the instructions above, and only draw the required objects. As a result of this change, the equilibrium wage increases decreases Wage (dollars per hour) 300 275- 250 225- 200- 175- 150- 8 125 100- 75 50- 25- Market for webpage designers 20 40 Labor supply Labor demand, 60 80 100 120 140 Quantity of labor Q Q

Consider the labor market for webpage designers illustrated in the graph to the right. What is the equilibrium wage? $ per hour. (Enter a numeric responses using an integer.) Suppose fewer firms demand webpages. Use the line drawing tool to draw either a new labor supply curve or a new labor demand curve that shows how this affects the labor market for webpage designers. Carefully follow the instructions above, and only draw the required objects. As a result of this change, the equilibrium wage increases decreases Wage (dollars per hour) 300 275- 250 225- 200- 175- 150- 8 125 100- 75 50- 25- Market for webpage designers 20 40 Labor supply Labor demand, 60 80 100 120 140 Quantity of labor Q Q

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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