part one: Suppose the demand for labor is given by W = 25 – 0.2L and the supply is given by W = 10+ 0.3L. What is the equilibrium wage rate? a.$20.2 b.$19 c.$19.4 d.$19.8 part two:  Suppose the demand for labor is given by W = 250 – 0.05L, and the number of workers available is L = 3,000. What is the equilibrium wage rate? a.$110 b.$100 c.$130 d.$120 part three:  Suppose the demand for labor is given by W = 250 – 0.05L, and the number of workers available is L = 3,000, and the labor union wants to set a minimum wage of $140. What is the number of workers unemployed? (Hint: Unemployed workers are the excess supply of labor.) a.800 b.1,000 c.600 d.400

Consider a perfectly competitive labor market in which the demand for labor is given by E = 30,000-(2,000/3)W, and the supply of labor is given by E -8,000+2,000W. In these equations, E is the number of employee-hours per day, and W is the hourly wage. a. What is the equilibrium number of employee-hours each day? Instructions: Enter your response as a whole number. employee-hours each day In equilibrium, what was the dollar value of the additional output generated by the last employee-hour hired in the market? Instructions: Enter your response rounded to the nearest penny (two decimal places). $ b. Suppose the government imposes a minimum wage of $24 per hour. What will be the resulting number of employee-hours after the imposition of this minimum wage? Instructions: Enter your response as a whole number. employee-hours each day The minimum wage will (Click to select) workers' total earnings and will (Click to select) total economic surplus.

A school district received 750 applications for 10 new openings. What does this tell you about the wages offered for this position in relation to the equilibrium wage? Explain.

 Time remaining: 01:59:36 Economics Operum is a firm that hires unskilled laborers in a perfectly competitive factor market. (a) Draw side-by-side graphs for the whole labor market and for Operum. Label the market supply SL, the market demand DL, the equilibrium wage WE, the equilibrium quantity QE, the wage paid by Operum WO, and the quantity hired by Operum QO. (b) Is WE greater than, equal to, or less than the marginal factor cost of unskilled labor at QO? Explain. (c) The government institutes an effective minimum wage for unskilled labor. Illustrate this on your graphs from part (a). Label the minimum wage WMin. On the graph for Operum, label the new quantity of unskilled labor employed QMin. (d) Ceteris paribus, how will the minimum wage from part (c) affect the market's demand for unskilled labor and its quantity demanded unskilled labor—will each increase, decrease, or stay the same? Explain. (e) Will the minimum wage cause the marginal revenue product of Operum's last…

Suppose a coal mine's workers can dig two tons of coal per hour and coal sells for $15 per ton. If the coal mine is the only hirer of miners in a local area and faces a labor supply curve of the form:  l = 50w. What is the equilibrium level of employment?  What is the wage paid to minors?

1. Assume the quantity of envelopes licked per hour by Sticky Gums, Inc., is where L is the number of laborers hired per hour by the firm. Assume further that the envelope licking business is perfectly competitive with a market price of 1 cent per envelope. A. How much labor would be hired at a competitive wage of $10? What about $5? $2? Use these results to sketch a demand curve for labor. B. Assume that Sticky Gums hires its labor at an hourly wage of $10 what quantity of envelopes will be licked when the price of a licked envelope is 2 cents? What about 5 cents? 10 cents? Use your results to sketch a supply curve for licked envelopes.

b. The programmers in this town are going to work at one of these two places for sure: Their labor supply is vertical, or in other words, perfectly inelastic, with supply equal to 100. So, what will the equilibrium wage be? Just as in Figure 18.1, the numbers may not work out exactly, so use your judgment to come up with a good answer.   Equilibrium wage: $ ___

Demand for Resources A small manufacturing company has the following daily relationship between labor and output: Units of Total Labor Product 1 2 21 3 35 52 61 65 61 7 If the firm sells into a perfectly competitive market and the equilibrium price is $3.25 per unit, compute the following: Marginal Units of Marginal Product Revenue Labor Product 1 2 3 5 7 How many workers will the firm hire is the market wage rate (includining benefits) is $30.00? Wł 3 How many workers will the firm hire is the market wage rate(includining benefits) is $20.00? 4 If the equilibrium price per unit of output dencreases, what would you expect to happen to the number of workers hired? If the firm sells in a imperfectly competitive market such that price per unit starts at $4.50 per ur declines by $0.10 per unit as more as sold, what do you think would happen to the number of labor units hired at $30.00 per unit? 5 2.

Problem IV Consider a perfectly competitive labor market in which the demand for labor is given by E = 48,000-(2,000/3)W, and the supply of labor is given by E = -8,000 + 1,000W. In these equations, E is the number of employee-hours per day, and W is the hourly wage. a. What is the equilibrium number of employee-hours each day? b. Compute the employer surplus and the workers surplus c. Suppose the government imposes a minimum wage of $24 per hour. What will be the resulting number of employee-hours after the imposition of this minimum wage? d. What is the number of employee-hours per day hired and the number of employees e. Based on the question © Compute the employer surplus and the workers surplus f. Compute the dead weight loss in this labor market with minimum wage

Consider the market for workers in a cafe. Labor demand equation: Ld=40-2*w Labor supply equation: Ls=4*w-32 w=hourly wage; Ls and Ld are in numbers of workers 1) Suppose that the workers in Café Alice think that their wages are too low and go on a strike. As a result, Cafe Alice agrees to increase the hourly wage to $14.     How many workers will remain unemployed after the increase?