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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