In​ Korea, real GDP per hour of labor is​ $22, the real wage rate is​ $15 per​ hour, and people work an average of 46 hours per week. In the United​ States, real GDP per hour of labor is​ $51, the real wage rate is​ $34 per​ hour, and people work an average of 34 hours per week.    Draw the Korean demand for labor curve. Label it LDK. Draw the Korean supply of labor curve. Label it LSK. Draw a point at the Korean equilibrium real wage rate and employment level. Draw the U.S demand for labor curve and label it LDUS. Draw the U.S. supply of labor curve and label it LSUS. Draw a point at the U.S. equilibrium real wage rate and employment level.

You are given a scenario where this a change in a factor of production or a change in demand for an item. You need to explain in sentence form how this would change demand for labor.   1. Apple develops the iPhone and demand for it surges as people realize the benefits of this improved technology. You manufacture flip phones.

In Akron, 150 people are willing to spend an hour working as yoga instructors for an hourly wage of $10. For each additional $5 that the wage increases above $10, an additional 50 people are willing to spend an hour working. For hourly wages of $10, $15, $20, $25, and $30, plot the daily labor supply curve for yoga instructors on the following graph. 50 45 40 35 & WAGE (Dollars per hour) 20 15 10 5 0 0 50 100 150 200 250 300 350 LABOR (Number of workers) 400 450 500 Supply What is one explanation for why this labor supply curve is upward sloping? Wages have to increase to accommodate union pressure. Unemployment benefits are steadily declining. The opportunity cost of leisure decreases as wages decrease. People prefer to spend time doing leisure activities rather than working. ?

In Okennewick, 180 people are willing to spend an hour working as pizza makers for an hourly wage of $20. For each additional $5 that the wage increases above $20, an additional 45 people are willing to spend an hour working. For hourly wages of $20, $25, $30, $35, and $40, plot the daily labor supply curve for pizza makers on the following graph. WAGE (Dollars per hour) 50 45 40 35 25 20 15 10 5 0 0 45 + 90 135 180 225 270 315 LABOR (Number of workers) 360 405 450 Supply What is one explanation for why this labor supply curve is upward sloping? The opportunity cost of leisure increases as wages increase. Labor production functions exhibit diminishing marginal returns. Wages have to increase to accommodate union pressure. O Firms are willing to hire more pizza makers at a lower wage.

Match the following with the correct answer. Answers can be used more than once. v In the labor market, what causes a movement along the A. A change in anything that affects the demand of labor demand curve? B. A change in anything that affects the supply of labor v In the labor market, what causes a shift in the demand C. other input prices curve? D. A change in anything that affects supply of labor other than price v In the labor market, what causes a movement along the E. Changes in the wage rate (the price of labor). supply curve? F. A change in anything that affects demand for labor other than price v In the labor market, what causes a shift in the supply curve?

In Houston, 180 people are willing to work an hour as hostesses if the wage is $10 per hour. For each additional $5 that the wage rises above $10, an additional 45 people are willing to work an hour. For wages of $10, $15, $20, $25, and $30 per hour, plot the daily labor supply curve for hostesses on the following graph. WAGE (Dollars per hour) 50 45 40 35 30 20 15 10 5 0 77°F Mostly sunny 0 45 90 315 225 270 135 180 LABOR (Number of workers) 360 405 450 -- Supply C O

Question 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 Quantity

The war in Ukraine has driven many highly qualified IT specialists into neighboring Poland, where many chose to remain and start looking for jobs There are four graphs, depicting: (1) labor market for IT specialists in Poland, (2) the profit maximizing decision of a typical perfectly competitive Polish software firm, (3) market for Polish software products; (4) the Polish market for imported software products. Our goal is to analyze, using what you have learned, the effect of influx of foreign IT specialists on the three markets and on the typicalPolish software firm.. You have to address the questions in order, starting with the labor market for farm workers. In the labor market for IT specialists:: 1. Label clearly the supply and demand curves, S and D.  2. In the text, indicate clearly what side of the market is affected, supply or demand, by underlining or circling the relevant term.  3. Once you decided which side of the market is affected and how, show on the graph the new supply…

How do wages affect labor supply?

Consider the labor market for workers who build boats. For each of the given scenarios, graphically show the effect on the market for boat-builders.