2. Study Question #12 Ch 9. The following table shows the hypothetical demand and supply schedules of labor in Canada. Assume that labor and capital are the only two factors of production. Wage Quantity Demanded (Dollars) 8 6 4 2 0 WAGE (Dollars per hour) 10 9 On the following graph, use the blue points (circle symbol) to plot the labor demand curve. Then use the orange line (square symbol) to plot the labor supply curve So and the purple line (diamond symbol) to plot the labor supply curve S₁. (Hint: Plot all of the points given.) 8 2 1 0 0 1 + 2 (Workers) 0 2 4 6 8 3 Quantity Supplied (0) Quantity Supplied (1) (Workers) (Workers) 1 3 1 3 1 3 1 3 1 Now the wage rate is $ $ 4 5 6 QUANTITY (Workers) The equilibrium wage rate is $ equal $ 7 8 9 10 Refer to the previous graph to answer the questions that follow. Without immigration, suppose the labor force in Canada is denoted by schedule Sp. Demand for Labor 3 So S₁ 1 payments to domestic workers total $ Payments to domestic capital owners equal $ , payments to domestic workers total $ Suppose immigration from Mexico results in an overall increase in the domestic labor force to S₁. (?) while payments to domestic capital owners and payments to immigrants from Mexico total 1
2. Study Question #12 Ch 9. The following table shows the hypothetical demand and supply schedules of labor in Canada. Assume that labor and capital are the only two factors of production. Wage Quantity Demanded (Dollars) 8 6 4 2 0 WAGE (Dollars per hour) 10 9 On the following graph, use the blue points (circle symbol) to plot the labor demand curve. Then use the orange line (square symbol) to plot the labor supply curve So and the purple line (diamond symbol) to plot the labor supply curve S₁. (Hint: Plot all of the points given.) 8 2 1 0 0 1 + 2 (Workers) 0 2 4 6 8 3 Quantity Supplied (0) Quantity Supplied (1) (Workers) (Workers) 1 3 1 3 1 3 1 3 1 Now the wage rate is $ $ 4 5 6 QUANTITY (Workers) The equilibrium wage rate is $ equal $ 7 8 9 10 Refer to the previous graph to answer the questions that follow. Without immigration, suppose the labor force in Canada is denoted by schedule Sp. Demand for Labor 3 So S₁ 1 payments to domestic workers total $ Payments to domestic capital owners equal $ , payments to domestic workers total $ Suppose immigration from Mexico results in an overall increase in the domestic labor force to S₁. (?) while payments to domestic capital owners and payments to immigrants from Mexico total 1
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Transcribed Image Text:2. Study Question #12 Ch 9.
The following table shows the hypothetical demand and supply schedules of labor in Canada. Assume that labor and capital are the only two factors of
production.
Wage Quantity Demanded
(Dollars)
8
6
4
2
0
WAGE (Dollars per hour)
10
9
On the following graph, use the blue points (circle symbol) to plot the labor demand curve. Then use the orange line (square symbol) to plot the labor
supply curve So and the purple line (diamond symbol) to plot the labor supply curve S₁. (Hint: Plot all of the points given.)
8
2
1
0
0
1
+
2
(Workers)
0
2
4
6
8
3
Quantity Supplied (0) Quantity Supplied (1)
(Workers)
(Workers)
1
3
1
3
1
3
1
3
1
Now the wage rate is $
$
4
5 6
QUANTITY (Workers)
The equilibrium wage rate is $
equal $
7
8
9 10
Refer to the previous graph to answer the questions that follow.
Without immigration, suppose the labor force in Canada is denoted by schedule Sp.
Demand for Labor
3
So
S₁
1
payments to domestic workers total $
Payments to domestic capital owners equal $
, payments to domestic workers total $
Suppose immigration from Mexico results in an overall increase in the domestic labor force to S₁.
(?)
while payments to domestic capital owners
and payments to immigrants from Mexico total
1
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