The following graph gives the labor market for the fast-food industry of the imaginary city of Combopolis. Use the graph input tool to help you answer the following questions. You will not be graded on any changes you make to this graph. Note: Once you enter a value in a white field, the graph and any corresponding amounts in each grey field will change accordingly. WAGE (Dollars per hour) 20 18 16 14 2 0 0 30 Supply Demand || 60 90 120 150 180 210 240 270 300 LABOR (Hundreds of workers) Graph Input Tool Market for Labor in the Fast Food Industry Wage (Dollars per hour) Labor Demanded (Hundreds of workers) 6 174 Labor Supplied (Hundreds of workers) 126

Complete the following table by selecting the term that matches each definition on the left. Definition The graphical representation of the relationship between the wage rate and the quantity of labor workers are willing to provide in a market The graphical representation of the relationship between the wage rate and the quantity of labor firms are willing to hire in a market The additional revenue the firm receives from selling the output produced from an additional unit of labor The increase in the amount of output from an additional unit of labor Market Labor Supply Curve Market Labor Demand Curve Marginal Product of Labor O Which of the following events may increase the marginal product of labor? Check all that apply. A technological improvement that is substitutable for the labor in this market Good weather causes an increase in supply and a fall in price for one of the inputs used to make the good A technological improvement that is complementary for this type of labor A decrease…

In Houston, 180 people are willing to work an hour as hostesses if the wage is $10 per hour. For each additional $5 that the wage rises above $10, an additional 45 people are willing to work an hour. For wages of $10, $15, $20, $25, and $30 per hour, plot the daily labor supply curve for hostesses on the following graph. WAGE (Dollars per hour) 50 45 40 35 30 20 15 10 5 0 77°F Mostly sunny 0 45 90 315 225 270 135 180 LABOR (Number of workers) 360 405 450 -- Supply C O

The current quantity demanded of hairdressers is 47,00047,000, and the average salary in the labor market is $27,000$⁢27,000 per year. Recently, several salons closed due to competition, which led to employers demanding only 36,00036,000 hairdressers.Assuming that when quantity demanded decreases by 1,1001,100 workers, the average salary will decrease by $500$⁢500, calculate the new salary in the labor market. Write the exact answer. Do not round.