Economics (7th Edition) (What's New in Economics)
7th Edition
ISBN: 9780134738321
Author: R. Glenn Hubbard, Anthony Patrick O'Brien
Publisher: PEARSON
expand_more
expand_more
format_list_bulleted
Question
Chapter 17, Problem 17.1.7PA
Subpart (a):
To determine
Shift in labor demand curve.
Subpart (b):
To determine
Shift in labor demand curve.
Subpart (c):
To determine
Shift in labor demand curve.
Subpart (d):
To determine
Shift in labor demand curve.
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solutionStudents have asked these similar questions
Consider the market for labor depicted by the demand and supply curves that follow.
Use the calculator to help you answer the following questions. You will not be graded on any changes you make to the calculator.
Graph Input Tool
Market for Labor
24
I Wage
(Dollars per hour)
21
Supply
3.00
Labor Supplied
(Thousands of
workers)
18
Labor Demanded
(Thousands of
workers)
1,050
150
15
12
Demand
3
150 300 450 600 750 900 1050 1200
LABOR (Thousands of workers)
Complete the following table with the quantity of labor supplied and demanded if the wage is set at $15.00. Then indicate whether this wage will
result in a shortage or a surplus.
Hint: Be sure to pay attention to the units used on the graph and in the table. For example, type in 100 for 100,000 workers.
Labor Demanded
Labor Supplied
Wage
(Thousands of workers) (Thousands of workers) Shortage or Surplus?
$15.00
Suppose a senator considers introducing a bill to legislate a minimum hourly wage of $15.00.
Which of the following statements…
Assume that the information technology and consulting industries employ people with similar skills. Suppose a decrease in the demand for consultants
leads to a fall in their wages, while the demand for computer analysts remains the same.
The following graph shows the labor market for computer analysts in the United States.
Show the effect of the fall in demand for consultants on the U.S. labor market for computer analysts by shifting the labor demand curve, the labor
supply curve, or both.
WAGE
LABOR
Supply
Demand
Demand
Supply
?
You are given a scenario where this a change in a factor of production or a change in demand for an item. You need to explain in sentence form how this would change demand for labor.
There is an increase in the price of steel. You make tractors.
Chapter 17 Solutions
Economics (7th Edition) (What's New in Economics)
Ch. 17 - Prob. 17.1.1RQCh. 17 - Prob. 17.1.2RQCh. 17 - Prob. 17.1.3RQCh. 17 - Prob. 17.1.4RQCh. 17 - Prob. 17.1.5PACh. 17 - Prob. 17.1.6PACh. 17 - Prob. 17.1.7PACh. 17 - Prob. 17.1.8PACh. 17 - Prob. 17.1.9PACh. 17 - Prob. 17.2.1RQ
Ch. 17 - Prob. 17.2.2RQCh. 17 - Prob. 17.2.3PACh. 17 - Prob. 17.2.4PACh. 17 - Prob. 17.2.5PACh. 17 - Prob. 17.2.6PACh. 17 - Prob. 17.2.7PACh. 17 - Prob. 17.2.8PACh. 17 - Prob. 17.3.1RQCh. 17 - Prob. 17.3.2RQCh. 17 - Prob. 17.3.3PACh. 17 - Prob. 17.3.4PACh. 17 - Prob. 17.3.5PACh. 17 - Prob. 17.3.6PACh. 17 - Prob. 17.3.7PACh. 17 - Prob. 17.3.8PACh. 17 - Prob. 17.4.1RQCh. 17 - Prob. 17.4.2RQCh. 17 - Prob. 17.4.3RQCh. 17 - Prob. 17.4.4PACh. 17 - Prob. 17.4.5PACh. 17 - Prob. 17.4.6PACh. 17 - Prob. 17.4.7PACh. 17 - Prob. 17.4.8PACh. 17 - Prob. 17.4.9PACh. 17 - Prob. 17.4.10PACh. 17 - Prob. 17.4.11PACh. 17 - Prob. 17.4.12PACh. 17 - Prob. 17.4.13PACh. 17 - Prob. 17.4.14PACh. 17 - Prob. 17.4.15PACh. 17 - Prob. 17.4.16PACh. 17 - Prob. 17.4.17PACh. 17 - Prob. 17.4.18PACh. 17 - Prob. 17.4.19PACh. 17 - Prob. 17.5.1RQCh. 17 - Prob. 17.5.2RQCh. 17 - Prob. 17.5.3PACh. 17 - Prob. 17.5.4PACh. 17 - Prob. 17.5.5PACh. 17 - Prob. 17.5.6PACh. 17 - Prob. 17.5.7PACh. 17 - Prob. 17.6.1RQCh. 17 - Prob. 17.6.2RQCh. 17 - Prob. 17.6.3RQCh. 17 - Prob. 17.6.4PACh. 17 - Many people have predicted, using a model like the...Ch. 17 - Prob. 17.6.6PACh. 17 - Prob. 17.6.7PACh. 17 - Prob. 17.6.8PACh. 17 - Prob. 17.1CTECh. 17 - Prob. 17.2CTECh. 17 - Prob. 17.3CTE
Knowledge Booster
Similar questions
- Name some factors that can cause a shift in the demand curve in labor markets.arrow_forwardWhy 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?arrow_forwardSuppose that the price of sedans in the previous graph increases from $24,000 to $29,000 per car. This would cause the sedans to increase, which is reflected on the graph by a the supply curve. Suppose a technological improvement increases the speed with which robots can attach bolts to cars from 2,500 bolts per hour to 3,000 bolts per hour. Assuming that the wage rate remains the same, this would cause a the supply curve. This is because the technological improvement makes carsarrow_forward
- The graph on the right shows the labor demand curve for television manufacturers. What would be the impact on labor demand if there is an increase in input costs for televisions? 1.) Using the line drawing tool, draw the new labor demand curve for television firms that would result from an increase in input costs for televisions. Label your curve 'New labor demand.' Carefully follow the instructions above and only draw the required object. C Wage Labor demand Quantity of labor demanded Carrow_forwardThe following graph shows the labour market for steelworkers. Assume that all firms in the steel industry must hire union workers. The union representing the steelworkers successfully lobbies the government to impose trade restrictions on imports of steel from foreign competitors, causing the demand for domestically produced steel to increase. Shift one or both of the curves on the following graph to illustrate the impact of the union's actions. Note: Select and drag one or both of the curves to the desired position. Curves will snap into position, so if you try to move a curve and it snaps back to its original position, just drag it a little farther. Supply Demand Supply Demand QUANTITY OF LABOUR (Thousands of workers) The following graph shows the labour market for dockworkers. Assume that all shipping firms must hire union-licensed dockworkers. The union imposes new rules that increase the length of an apprenticeship that a worker must complete before becoming a licensed dockworker,…arrow_forwardSuppose Fred produces 500 litres of milk every day with 10 workers. The price of milk is $12 per litre, and each worker is paid $550 daily. If the marginal product of the last worker employed is 40 litres of milk, explain whether Fred is maximizing his profit. If not, can Fred increase his profit by employing more or fewer workers? If Fred buys more dairy cattles, how will it affect his demand for labor? Explain with a diagram.arrow_forward
- The province of BC is increasing the wage of family doctors from $250,000 to $385,000. A local radio announcer interviewed the Health Minister and said “Woe, that’s a lot of money. It’s too much.” In a graph below draw the labor market for family doctors in BC. In terms of economics, what would it mean if the new wage was “too much”? (i.e. show on the graph) Currently in the province, under the old wage, 20% of the population (a million people) are unable to access a family doctor. Replicate your graph from (a) and show this current situation. Do you think the new wage is going to be “too much”? Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.arrow_forwardThis figure below shows the labor market for automobile workers. The curve labeled S is the labor supply curve, and the curves labeled D1 and D2 are the labor demand curves. On the horizontal axis, L represents the quantity of labor in the market. S Refer to Figure above. What is measured along the vertical axis on the graph? Select one: a. time spent by workers producing automobiles b. the price of automobiles c. the wage paid to automobile workers d. the quantity of automobiles producedarrow_forwardHigher gas prices have led to an increase in demand for compact cars that get better gas mileage and a decrease in demand for larger cars that get poor gas mileage. Using graphs, show, and verbally explain, how this change in demand in the market for cars affects the labor market for workers (labor supply and labor demand) in the car manufacturing industry. Make sure that you explain exactly why each curve shifts.arrow_forward
- Consider the labor market defined by the supply and demand curves plotted on the following graph. Use the calculator to help you answer the following questions. You will not be graded on any changes you make to the calculator. WAGE (Dollars per hour) 24 21 18 3 0 Supply Demand 150 300 450 600 750 900 1050 1200 LABOR (Thousands of workers) Graph Input Tool Market for Labor Wage (Dollars per hour) Labor Demanded (Thousands of workers) 3.00 1,050 Labor Supplied (Thousands of workers) Complete the following table with the quantity of labor supplied and demanded if the wage is set at $9.00. Then indicate whether this wage will result in a shortage or a surplus. Hint: Be sure to pay attention to the units used on the graph and in the table. For example, type in 100 for 100,000 workers. Labor Demanded Labor Supplied Wage (Thousands of workers) (Thousands of workers) Shortage or Surplus? $9.00 Suppose the federal government contemplates a new law that would create a national minimum wage of…arrow_forwardShow the effect of each of the following events (using a properly labeled supply/demand diagram) on the market for labor in the computer manufacturing industry.A. Congress buys personal computers for all U.S. college students. B. More college students major in engineering and computer science.C. Computer firms build new manufacturing plants and a new study shows declining job satisfaction in the computer manufacturing industry.arrow_forwardThe graph below depicts equilibrium in the labor market for yoga instructors. Yoga has become increasingly popular as an alternative, or even a complement, to other forms of exercise, such as working out in a gym or running. Suppose that medical research shows that practicing yoga three times a week greatly increases the cardiovascular health of senior citizens. This increases the demand for yoga classes and studios, which in turn leads to an increase in price for yoga. How will this impact the labor market for yoga instructors? Illustrate on the graph below by shifting a curve or curves.arrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
- Essentials of Economics (MindTap Course List)EconomicsISBN:9781337091992Author:N. Gregory MankiwPublisher:Cengage LearningBrief Principles of Macroeconomics (MindTap Cours...EconomicsISBN:9781337091985Author:N. Gregory MankiwPublisher:Cengage Learning
- Principles of Economics 2eEconomicsISBN:9781947172364Author:Steven A. Greenlaw; David ShapiroPublisher:OpenStaxMicroeconomics: Private and Public Choice (MindTa...EconomicsISBN:9781305506893Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. MacphersonPublisher:Cengage Learning
Essentials of Economics (MindTap Course List)
Economics
ISBN:9781337091992
Author:N. Gregory Mankiw
Publisher:Cengage Learning
Brief Principles of Macroeconomics (MindTap Cours...
Economics
ISBN:9781337091985
Author:N. Gregory Mankiw
Publisher:Cengage Learning
Principles of Economics 2e
Economics
ISBN:9781947172364
Author:Steven A. Greenlaw; David Shapiro
Publisher:OpenStax
Microeconomics: Private and Public Choice (MindTa...
Economics
ISBN:9781305506893
Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Publisher:Cengage Learning