3. How changes in the market for output affect the demand for labor This exercise examines the effect of a good season of weather in Iowa on the price of corn in the United States and daily wages of corn harvesters in Nebraska. Assume that buyers of corn have no preference for corn grown in Iowa versus Nebraska. On the following graph, show the effect the good season of weather in Iowa has on the market for corn in the United States by shifting either the demand curve, the supply curve, or both. PRICE (Dollars per bushel) 20 18 16 14 12 10 6 4 2 0 0 100 Market for Corn in the United States Supply Demand 200 300 400 500 600 700 800 900 1000 QUANTITY (Millions of bushels of com) Demand The following graph shows the daily market for corn pickers in Nebraska. Supply ? Based on the graph for the market for corn in the United States, the good season has caused the price of corn in the United States to Show the effect of the change in the price of corn in the United States on the market for corn pickers in Nebraska by shifting either the demand curve, the supply curve or both

3. How changes in the market for output affect the demand for labor This exercise examines the effect of a good season of weather in Iowa on the price of corn in the United States and daily wages of corn harvesters in Nebraska. Assume that buyers of corn have no preference for corn grown in Iowa versus Nebraska. On the following graph, show the effect the good season of weather in Iowa has on the market for corn in the United States by shifting either the demand curve, the supply curve, or both. PRICE (Dollars per bushel) 20 18 16 14 12 10 6 4 2 0 0 100 Market for Corn in the United States Supply Demand 200 300 400 500 600 700 800 900 1000 QUANTITY (Millions of bushels of com) Demand The following graph shows the daily market for corn pickers in Nebraska. Supply ? Based on the graph for the market for corn in the United States, the good season has caused the price of corn in the United States to Show the effect of the change in the price of corn in the United States on the market for corn pickers in Nebraska by shifting either the demand curve, the supply curve or both

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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