The graph on the right shows the demand for and supply of labor in a market with an equilibrium wage rate of $8 per hour. Show the impact on the graph if a minimum wage of $10 per hour is enacted. 1.) Using the point drawing tool, plot the point that illustrates the quantity of labor demanded when the minimum wage is set at $10 per hour. Label your point 'A.' 2.) Using the point drawing tool, plot a point that illustrates the quantity of labor supplied when the minimum wage is set at $10 per hour. Label your point 'B.' Carefully follow the instructions above and only draw the required objects. Wage 14- 12- 10- 8- 4- 2- Labor supply Labor demand Quantity of labor (millions) 8 10

The graph on the right shows the demand for and supply of labor in a market with an equilibrium wage rate of $8 per hour. Show the impact on the graph if a minimum wage of $10 per hour is enacted. 1.) Using the point drawing tool, plot the point that illustrates the quantity of labor demanded when the minimum wage is set at $10 per hour. Label your point 'A.' 2.) Using the point drawing tool, plot a point that illustrates the quantity of labor supplied when the minimum wage is set at $10 per hour. Label your point 'B.' Carefully follow the instructions above and only draw the required objects. Wage 14- 12- 10- 8- 4- 2- Labor supply Labor demand Quantity of labor (millions) 8 10

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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