Sub : EconomicsPls answer very fast.I ll upvote correct answer. Thank You 3. Excess supply with union wagesConsider the housing construction industry. Assume that the industry is perfectly competitive in both input and output markets. Suppose that, throughcollective bargaining, a labor union negotiates an industry-wide wage for various kinds of labor (electricians, plumbers, and so on). In particular, itsucceeds in negotiating a wage increase for carpenters from $15 to $20 per hour.The following graph shows the labor demand of an individual firm.On the following graph, show what happens at the firm level as a result of the union negotiations.WAGE RATE302520151050012243648QUANTITY OF LABORSupplyDemand6072Now consider the effects of the wage change on the entire industry.DemandSupply(?) Use the graph input tool to help you answer the following questions. You will not be graded on any changes you make to this graph.Note: Once you enter a value in a white field, the graph and any corresponding amounts in each grey field will change accordingly.WAGE RATE (Dollars per hour)302520151050Supply0Demand12 24 3648 60 72QUANTITY OF LABOR (Thousands of workers)Graph Input ToolWage Rate(Dollars per hour)QuantityDemanded(Thousands ofworkers)Excess Supply(Thousands ofworkers)Demand ShifterPro-unionAdvertising(Millions of dollars)The union's wage increase from $15 to $20 per hour causes an excess supply ofthousands of workers.)153600Quantity Supplied(Thousands ofworkers)Shortage(Thousands ofworkers)?360workers. (Note: Be sure to enter your answer inSuppose that the union, in order to mitigate the unemployment caused by the wage increase, bolsters demand by rolling out a "Buy Union" advertisingcampaign. If the union spends $5 million on the campaign, the excess supply of labor will beworkers. (Note: Be sure to enter youranswer in thousands of workers.)

3. Excess supply with union wages Consider the housing construction industry. Assume that the industry is perfectly competitive in both input and output markets. Suppose that, through collective bargaining, a labor union negotiates an industry-wide wage for various kinds of labor (electricians, plumbers, and so on). In particular, it succeeds in negotiating a wage increase for carpenters from $15 to $20 per hour. The following graph shows the labor demand of an individual firm. On the following graph, show what happens at the firm level as a result of the union negotiations. WAGE RATE 30 25 20 15 10 5 0 0 12 36 48 QUANTITY OF LABOR 24 Supply Demand 60 72 Now consider the effects of the wage change on the entire industry. Demand Supply ?