The graph illustrates a labor market in which there is a minimum wage of $5 anhour.Draw shapes that represent the following:1) firms' surplus. Label it FS.2) workers' surplus. Label it WS.3) deadweight loss. Label it DWL.4) the potential loss from job search. Label it Loss.>>> A label can be repositioned by clicking on the edge of the label box anddragging it onto the shape.Selected:none8-7-6-5-4-3-2-1-Wage rate (dollars per hour)18194A Delete Clear232420 21Quantity (millions of hours per year)>>> Draw only the objects specified in the question.S?MinimumwageD25SOUNextME

When products are oversupplied, then there is an economic loss. For instance, a baker may make 100…

s' surplus. Label it FS. kers' surplus. Label it WS. adweight loss. Label it DWL. potential loss from job search. Label it Loss. label can be repositioned by clicking on the edge of the label box and ing it onto the shape. Selected: none 0 *** 6- 4- لا 3- 2- 1- of 18 19 Quan >>> Draw a Delete Clear

s' surplus. Label it FS. kers' surplus. Label it WS. adweight loss. Label it DWL. potential loss from job search. Label it Loss. label can be repositioned by clicking on the edge of the label box and ing it onto the shape. Selected: none 0 *** 6- 4- لا 3- 2- 1- of 18 19 Quan >>> Draw a Delete Clear

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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The graph shows the supply curve of fitness trackers and the market price of a fitness tracker. Draw a point that shows the marginal cost of the 30th fitness tracker. What is the marginal cost of the 30th fitness tracker? The marginal cost of the 30th fitness tracker is OA. the producer surplus received by the seller from the 30th fitness tracker O B. the minimum price at which the seller has an incentive to sell the 30th fitness tracker OC. the value that the buyer places on the 30th fitness tracker OD. the price that the seller receives when the 30th fitness tracker is sold 120- 100- 80- 60- 40- 20- Price (dollars per fitness tracker) 0+ 0 20 40 Market price 60 80 100 Quantity (fitness trackers per day) >>> Draw only the objects specified in the question. 120 o o 2
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