In Miami, 180 people are willing to work an hour as hostesses if the wage is $20 per hour. For each additional $5 that the wage rises above $20, anadditional 45 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 hostesses on the following graph.WAGE (Dollars per hour)5045403025201510135 180 225 270 315 360 405 450LABOR (Number of workers)Supply?What is one explanation for why this labor supply curve is upward sloping over the range of wages from low wage to high wage?Unemployment benefits are steadily declining.People prefer to spend time doing leisure activities rather than working.O Firms are willing to hire more hostesses at a lower wage.The opportunity cost of leisure decreases as wages decrease.

The amount of labour supplied at a specific wage rate is displayed on the labour supply curve. It is…

In Miami, 180 people are willing to work an hour as hostesses if the wage is $20 per hour. For each additional $5 that the wage rises above $20, an additional 45 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 hostesses on the following graph. ? WAGE (Dollars per hour) 45 40 6 30 25 2 15 10 5 O 0 45 135 315 360 180 225 270 LABOR (Number of workers) 405 Supply What is one explanation for why this labor supply curve is upward sloping over the range of wages from low wage to high wage? O Unemployment benefits are steadily declining. People prefer to spend time doing leisure activities rather than working. O Firms are willing to hire more hostesses at a lower wage. O The opportunity cost of leisure decreases as wages decrease.

In Miami, 180 people are willing to work an hour as hostesses if the wage is $20 per hour. For each additional $5 that the wage rises above $20, an additional 45 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 hostesses on the following graph. ? WAGE (Dollars per hour) 45 40 6 30 25 2 15 10 5 O 0 45 135 315 360 180 225 270 LABOR (Number of workers) 405 Supply What is one explanation for why this labor supply curve is upward sloping over the range of wages from low wage to high wage? O Unemployment benefits are steadily declining. People prefer to spend time doing leisure activities rather than working. O Firms are willing to hire more hostesses at a lower wage. O The opportunity cost of leisure decreases as wages decrease.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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