WAGE (Dollars per hour) 20 18 Wage 16 Supply 14 12 10 8 6 4 2 0 0 Demand 90 180 270 360 450 540 630 720 810 900 LABOR (Hundreds of workers) Market for Labor in the Fast Food Industry (Dollars per hour) Labor Demanded (Hundreds of workers) 6 900 Labor Supplied (Hundreds of workers) 378 In this market, the equilibrium wage is S per hour, and the equilibrium quantity of labor is Suppose the mayor of Combopolis introduces a legal minimum wage of $6 per hour. This type of price control is called a hundred workers. For each of the wages listed in the following table, determine the quantity of labor demanded, the quantity of labor supplied, and the direction of pressure exerted on wages in the absence of any price controls. Wage Labor Demanded Labor Supplied (Dollars per hour) (Hundreds of workers) (Hundreds of workers) 8 12 Pressure on Wages True or False: A minimum wage below $10 per hour is not a binding minimum wage in this labor market. True False

Other than the demand for labor, what would be another example of a 'derived demand?

Why are the factors that shift the demand for a product different from the factors that shift the demand for labor? Why are the factors that shift the supply of a product different from those that shift the supply of labor?

Name some factors that can cause- a shift in the supply curve in labor markets.

The information below is for a competitive labor market. A. Calculate the value of the marginal product of labor at X. B. Find the equilibrium wage. C. Find the equilibrium quantity of labor employed.

pleae help me understand

Please do A B C only

iples of Microeconomics Spring20 spring21 - Wage rate Idollars per hou 8 2 0 40 80 120 160 Quantity of labor (millions of hours per year P The figure above shows the market for low-skilled labor in Midland city in a nation to the south. The government sets a minimum wage at $6 per hour. With the minimum wage law enacted, at the quantity of labor employed, the value to the firm of last worker hired is the wage rate for which that person is willing to work. O a the same as O b. $3 per hour greater than Oc $3 per hour less than Od $1 per hour greater

5. Should all professors be paid the same? The following graphs show the supply of and demand for assistant professors in historyand in biologyfor a hypothetical university. Use the graphs to help you answer the following questions. SALARY (Thousands of dollars) 120 108 96 84 24 12 0 0 Market for Assistant History Professors Demand University Wage (Dollars) 72,000 108,000 Supply 5 10 15 20 25 30 35 40 45 QUANTITY (Assistant history professors) 50 (?) Quantity Demanded SALARY (Thousands of dollars) 180 Demand 162 Assistant History Professors Quantity Supplied 144 126 The equilibrium wage of an assistant professor in history is S the other hand, the equilibrium'wage of an assistant professor in biology is 5 professors in biology. 106 18 0 Market for Assistant Biology Professors Suppose the university sets the same wage for all assistant professors in each department. Supply 0 14 8 12 16 20 24 28 32 36 QUANTITY (Assistant biology professors) and the equilibrium quantity is Shortage or…

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