Microeconomics (13th Edition)
13th Edition
ISBN: 9780134744476
Author: Michael Parkin
Publisher: PEARSON
expand_more
expand_more
format_list_bulleted
Question
Chapter 6, Problem 4SPA
a)
To determine
Hours
b)
To determine
Increase in
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solution
Students have asked these similar questions
The table gives the demand and supply schedules of teenage labor.
Wage rate(dollars per hour)
Quantity demanded(hours per month)
Quantitysupplied(hours per month)
6
2,500
1,500
7
2,000
2,000
8
1,500
2,500
9
1,000
3,000
Calculate the equilibrium wage rate, the hours worked, and the quantity of unemployment.
The minimum wage for teenagers is $8 an hour. How many hours are unemployed?
3. If the demand for teenage labor increases by 500 hours a month, what is the wage rate and how many hours are unemployed?use figure 1 and answer the following question
(a) Consider the demand curve in Figure 1. What is the consumer surplus when the price is $4 a unit?
(b) Consider the demand curve in Figure 1. What is the consumer surplus when the price is $11 a unit?
(c) Consider the demand curve in Figure 1. If the price rises from $4 to $11 a unit, What will happen to consumer surplus?
Use the…
Wage
$12
$11
$10
$9
$8
$7
$6
$5
$4
$3
$2
$1
T
S
Tools
/
$5.50
D
0
1
2
3
4
5 6 7 8 9 10
Labor
$6.50
■. The government introduces a minimum wage of $5.50. Draw a horizontal
ne to identify the minimum wage on the graph.
5. Minimum-wage laws and unemployment
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
16
14
Supply
Wage
2.00
(Dollars per hour)
12
1,400
200
Labor Demanded
(Thousands of
workers)
Labor Supplied
(Thousands of
workers)
10
8
Demand
0
0 200 400 600 800 1000 1200 1400 1600
LABOR (Thousands of workers)
Complete the following table with the quantity of labor supplied and demanded if the wage is set at $10.00. Then indicate whether this wage will res
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?
$10.00
Suppose a senator considers introducing a bill to legislate a minimum hourly wage of…
Chapter 6 Solutions
Microeconomics (13th Edition)
Ch. 6.1 - Prob. 1RQCh. 6.1 - Prob. 2RQCh. 6.1 - Prob. 3RQCh. 6.1 - Prob. 4RQCh. 6.2 - Prob. 1RQCh. 6.2 - Prob. 2RQCh. 6.2 - Prob. 3RQCh. 6.2 - Prob. 4RQCh. 6.2 - Prob. 5RQCh. 6.3 - How does the elasticity of demand influence the...
Ch. 6.3 - Prob. 2RQCh. 6.3 - Prob. 3RQCh. 6.3 - Prob. 4RQCh. 6.3 - Prob. 5RQCh. 6.4 - Prob. 1RQCh. 6.4 - Prob. 2RQCh. 6.4 - Prob. 3RQCh. 6.4 - Prob. 4RQCh. 6.4 - Prob. 5RQCh. 6.5 - Prob. 1RQCh. 6.5 - Prob. 2RQCh. 6.5 - Prob. 3RQCh. 6.5 - Prob. 4RQCh. 6 - Prob. 1SPACh. 6 - Prob. 2SPACh. 6 - Prob. 3SPACh. 6 - Prob. 4SPACh. 6 - Taxes (Study Plan 6.3) 5.The table in the next...Ch. 6 - Prob. 6SPACh. 6 - Prob. 7SPACh. 6 - Prob. 8SPACh. 6 - Prob. 9APACh. 6 - Prob. 10APACh. 6 - Prob. 11APACh. 6 - Prob. 12APACh. 6 - Prob. 13APACh. 6 - Prob. 14APACh. 6 - Prob. 15APACh. 6 - Prob. 16APACh. 6 - Prob. 17APACh. 6 - Prob. 18APACh. 6 - Prob. 19APACh. 6 - Prob. 20APACh. 6 - Prob. 21APACh. 6 - Prob. 22APACh. 6 - Prob. 23APA
Knowledge Booster
Similar questions
- 5. Minimum-wage laws and unemployment 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 20.0 Wage (Dollars per hour) 17.5 Supply 2.50 Labor Demanded (Thousands of workers) Labor Supplied (Thousands of workers) 15.0 875 125 12.5 + 10.0 7.5 Demand 5.0 2.5 125 250 375 500 625 750 875 1000 LABOR (Thousands of workers) Complete the following table with the quantity of labor supplied and demanded if the wage is set at $7.50. 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? $7.50 Suppose a senator considers introducing a bill to legislate a minimum…arrow_forwardEconomics Questionarrow_forward5. Minimum-wage laws and unemployment 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. WAGE (Dollars per hour) 24 21 18 15 0 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) 150arrow_forward
- Use the table below to answer the following questions. Select one: OA. 30 OB. 40 Wage Rate (dollars per hour) 7 6 C. zero D. 70 E. 20 4 3 Table 6.2.2 Quantity Supplied (millions of hours) 88888 50 40 30 20 Refer to Table 6.2.2. What is the level of unemployment in millions of hours if the minimum wage is set at $3 per hour? Quantity Demanded (millions of hours) 30 40 50 60 70arrow_forward5. Discrimination in the labor market The following table lists the name, gender, height, and minimum wage 10 people are willing to accept to work as sales clerks at a high-end clothing store. Name Gender Eileen F Valerie Caroline Shen Antonio Frances Dmitri Nick Jake Latasha F F M M F M M M F Height (Inches) 66 66 68 70 70 66 71 70 63 68 Minimum Wage (Dollars per week) $301 $325 $349 $362 $386 $410 $423 $447 $460 $484 The lowest wage that the clothing store can pay to hire five sales clerks is $ per week. Suppose the head of the clothing store has a preference for tall employees because he thinks it will increase revenue, and thus, he imposes the restriction that all sales clerks hired must be at least 67 inches in height. Under this new regulation, the wage rate the clothing store must pay to attract five sales clerks rises by $ per week.arrow_forwardTable 28-4 The following data is about the labor market in the city of Productionville. Wage (Dollars per hour) Quantity Demanded (Units) Quantity Supplied (Units) 8 6,000 16,000 7 9,000 14,000 6 12,000 12,000 5 15,000 10,000 4 18,000 8,000 Refer to Table 28-4. If the local government imposed a minimum wage of $7 in Productionville, how many people would be unemployed? Group of answer choices 0 2,000 5,000 10,000arrow_forward
- Wage Rate (dollars per hour) (millions of hours) Quantity Supplied Quantity Demanded (millions of hours) 30 60 50 40 40 50 4 30 60 3 20 Refer to the below table. What 70 is the level of unemployment in millions of hours if the minimum wage is set at $3 per hour? 1) 70 2) 40 3) 30 4) 20 5) Zeroarrow_forwardA. What is the equilibrium wage for retail associates? How many associates are employed at the equilibrium wage and what is the unemployment rate? B. The Tennessee state government enacts a minimum wage of $9 per hour. How many associates are employed at $9 per hour? Is there any unemployment? C. Workers successfully lobby the state legislature, and the minimum wage is raised to $11 per hour. How many associates are employed at $11 per hour? Is there any unemployment? If so, are these workers frictionally, structurally, or cyclically unemployed? (Image of Graph is attached below)arrow_forward5. Discrimination in the labor market The following table lists the name, gender, height, and minimum wage 10 people are willing to accept to work as personal assistants at a prestigious law firm. Height Minimum Wage Name Gender (Inches) (Dollars per week) Paolo 67 $308 Latasha F 63 $321 Rosa 66 $342 Jake M 71 $364 Nick M 69 $385 Alyssa F 66 $407 Tim M 70 $421 Edison M 70 $450 Brian M 64 $462 Crystal 69 $484 The lowest wage that the law firm can pay to hire five personal assistants is per week. Suppose the head of the law firm has a preference for tall employees because he thinks it will increase revenue, and thus, he imposes the restriction that all personal assistants hired must be at least 67 inches in height. Under this new regulation, the wage rate the law firm must pay to attract five personal assistants rises by $ |per week.arrow_forward
- The government raises the minimum wage from $7.25 to $10.00 per hour. What is the effect on the job market (number of jobs, people demanding jobs etc)? How will it affect the prices at fast food joints? 1.What two main products (or areas) are you watching as this event unfolds?arrow_forward1.what is the Working time and wage-effort bargain .arrow_forwardWhat Republicans party think about Minimum wage?arrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
Principles of Macroeconomics (MindTap Course List)EconomicsISBN:9781305971509Author:N. Gregory MankiwPublisher:Cengage Learning
Principles of Macroeconomics (MindTap Course List)EconomicsISBN:9781285165912Author:N. Gregory MankiwPublisher:Cengage Learning
Brief Principles of Macroeconomics (MindTap Cours...EconomicsISBN:9781337091985Author:N. Gregory MankiwPublisher:Cengage Learning
Principles of Economics, 7th Edition (MindTap Cou...EconomicsISBN:9781285165875Author:N. Gregory MankiwPublisher:Cengage Learning
Essentials of Economics (MindTap Course List)EconomicsISBN:9781337091992Author:N. Gregory MankiwPublisher:Cengage Learning
Principles of Macroeconomics (MindTap Course List)
Economics
ISBN:9781305971509
Author:N. Gregory Mankiw
Publisher:Cengage Learning
Principles of Macroeconomics (MindTap Course List)
Economics
ISBN:9781285165912
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, 7th Edition (MindTap Cou...
Economics
ISBN:9781285165875
Author:N. Gregory Mankiw
Publisher:Cengage Learning
Essentials of Economics (MindTap Course List)
Economics
ISBN:9781337091992
Author:N. Gregory Mankiw
Publisher:Cengage Learning