Hi! I am stuck on this question, can you try to write the answer in a complete way and include any graphs that are asked for? Thank you in advance! 2. Assume that the market for unskilled workers is perfectly competitive and that the demand for unskilledworkers is relatively elastic. The government imposes a minimum wage in this market.(a) Using a correctly labeled graph, show the following.а.The market wage rate paid to hired unskilled workers.b.The number of unskilled workers hired.C.The number of unskilled workers still looking for employment.(b) Assume that unskilled workers are the primary source of labor in the agricultural industry,strawberries. Use a correctly labeled graph of the strawberry market to explain how the minimumwage law will affect the market for strawberries and identify the following.a.The price of strawberries.b. The quantity of strawberries. One approach to the problem of pollution control in a market economy is to sell pollution credits, whichare also known as externality rights. The local pollution-control agency has determined that 200 tons ofpollutants may be released without harm to the biological ecosystem into the local lake every year. Thecity has made 200 pollution credits available every year, where each credit owner is allowed to release 1ton of pollutants into the lake annually.3.(a) Draw a correctly labeled graph illustrating the effect of unregulated pollution in the market for paperand identify the following.a. Marginal private cost.b. Marginal external cost.(b) Draw a correctly labeled graph for the pollution credits and use your graph to explain how thepollution credits can address the pollution problem in your city.(c) Evaluate the effectiveness of pollution credits as a means to control pollution. Specifically, considerthe following.a.Costs to consumers, producers, and the general public.b. Benefits to consumers, producers, and the general public.

Answered: Image /qna-images/answer/dda3c0d3-1ff9-4414-970c-48383a4528b4.jpg

2. Assume that the market for unskilled workers is perfectly competitive and that the demand for unskilled workers is relatively elastic. The government imposes a minimum wage in this market. (a) Using a correctly labeled graph, show the following. a. The market wage rate paid to hired unskilled workers. b. The number of unskilled workers hired. c. The number of unskilled workers still looking for employment. (b) Assume that unskilled workers are the primary source of labor in the agricultural industry, strawberries. Use a correctly labeled graph of the strawberry market to explain how the minimum wage law will affect the market for strawberries and identify the following. а. The price of strawberries. b. The quantity of strawberries.

2. Assume that the market for unskilled workers is perfectly competitive and that the demand for unskilled workers is relatively elastic. The government imposes a minimum wage in this market. (a) Using a correctly labeled graph, show the following. a. The market wage rate paid to hired unskilled workers. b. The number of unskilled workers hired. c. The number of unskilled workers still looking for employment. (b) Assume that unskilled workers are the primary source of labor in the agricultural industry, strawberries. Use a correctly labeled graph of the strawberry market to explain how the minimum wage law will affect the market for strawberries and identify the following. а. The price of strawberries. b. The quantity of strawberries.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

Hi! I am stuck on this question, can you try to write the answer in a complete way and include any graphs that are asked for? Thank you in advance!

2. Assume that the market for unskilled workers is perfectly competitive and that the demand for unskilled
workers is relatively elastic. The government imposes a minimum wage in this market.
(a) Using a correctly labeled graph, show the following.
а.
The market wage rate paid to hired unskilled workers.
b.
The number of unskilled workers hired.
C.
The number of unskilled workers still looking for employment.
(b) Assume that unskilled workers are the primary source of labor in the agricultural industry,
strawberries. Use a correctly labeled graph of the strawberry market to explain how the minimum
wage law will affect the market for strawberries and identify the following.
a.
The price of strawberries.
b. The quantity of strawberries.

One approach to the problem of pollution control in a market economy is to sell pollution credits, which
are also known as externality rights. The local pollution-control agency has determined that 200 tons of
pollutants may be released without harm to the biological ecosystem into the local lake every year. The
city has made 200 pollution credits available every year, where each credit owner is allowed to release 1
ton of pollutants into the lake annually.
3.
(a) Draw a correctly labeled graph illustrating the effect of unregulated pollution in the market for paper
and identify the following.
a. Marginal private cost.
b. Marginal external cost.
(b) Draw a correctly labeled graph for the pollution credits and use your graph to explain how the
pollution credits can address the pollution problem in your city.
(c) Evaluate the effectiveness of pollution credits as a means to control pollution. Specifically, consider
the following.
a.
Costs to consumers, producers, and the general public.
b. Benefits to consumers, producers, and the general public.

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