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- Name some factors that can cause a shift in the supply curve in labor markets.Phil's Copy Studio pays its workers $60 per day and sells poster-size copies for $10 per print. Now suppose during the holiday season the price of poster-size copies increases to $12. What happens? The demand for labor decreases The demand for labor increases The quantity demanded of labor decreases but the demand for labor curte does not shift The quantity demanded of labor increases, but the demand for labor curve does not shiftWhich of the diagrams illustrates the effect of an increase in automobile worker wages on the market for automobiles?
- What would be the effect of a decrease in the price of lumber on demand for labor in the lumber producing industry? The demand for labor will remain unchanged The demand for labor will increase The demand for labor will decreaseto finance a new health insurance program, the government of Millonia imposes a new $2-per-hour payroll tax to be paid by employers. What do you expect to happen to wages and the size of the workforce? Explain How will this answer change in markets where labor is inelastically demanded? ExplainThe 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.
- true or false? The entrance of more workers into a particular labor market is likely to drive down the wage in that marketDraw supply and demand curves for the labor market. What is the equilibrium hourly wage (W*) and the equilibrium quantity of labor (Q*)? If the current market wage is $10.50, how does the labor market adjust back to the equilibrium? If a minimum wage of $8.50 an hour is mandated, what is the quantity of labor demanded? what is the quantity of labor supplied? What is the amount of shortage or surplus in the labor market as a result of the price control? If a minimum wage of $9.50 an hour is mandated, what is the quantity of labor demanded? what is the quantity of labor supplied? What is the amount of shortage or surplus in the labor market as a result of the price control? Using the supply and demand graph in part (a) above, illustrate the effect of the price control.Doctors must complete four years of undergraduate education and four years of medical school, and work three to eight years in a hospital before they can fully practice on their own. In contrast, a worker at a fast-food restaurant need not complete high school. Using a supply and demand analysis explain why doctors earn higher wages than fast-food workers do.
- Problem 4 Consider a labor market. Quantity supplied is given by Qs=1000+20*P. Quantity demanded is given by Qd=1307.5-0.5*P Plot these curves on a graph with 5 points at P=5,10,15,20,25Doctors must complete four years of undergraduate education and four years of medical school, and work three to eight years in a hospital before they can fully practice on their own. In contrast, a worker at a fast-food restaurant need not complete high school.Using a supply and demand analysis explain why doctors earn higher wages than fast-food workers do.A shortage exists in a market when:
