Suppose the SA government has set a limit (price ceiling) on the compensation corporate executives can receive. a. Explain and graphically represent the possible effects on the demand for executives, the supply of executives and unfilled vacancies. b. Explain price floors in the context of the national minimum wage (NMW).

A company has 350 employees who work 120 hours a month each. Each worker earns $21 per hour. There is a profitable project the company would like to start, but it would require an additional 21,000 working hours within three months to be completed, and all the employees are fully loaded with other projects. The company does not want to hire new staff; they would like the project to be completed by the current workforce instead.Given that the wage elasticity of labor supply is 0.8, calculate the hourly wage the company should offer its employees to encourage them to work on the new project. Use the midpoint method and round to two decimal places throughout your calculations.

The equilibrium wage rate in an industry is determined by a) whether workers or management are better at negotiating. b) finding where the market supply curve indicates that the substitution effect and income effect of a wage increase are offsetting. c) the strength of the substitution effect relative to the elasticity of demand for labor. d) the intersection of the market demand curve for labor and the market supply curve for labor.

Question 9 Suppose you have log(wage) = Bo + B1 * educ + B2 * exper + B3 * white + B4 * exper Xwhite + u The partial effect of experience for white workers is A) B4 B) B2 C) B2 + B4 D) B1