13. Which is the most likely result of imposing a minimum wage above a market's equilibrium wage?a. The quantity supplied of labour will be greater than the quantity demanded of labour., and unemployment willосcur.b. The quantity demanded of labour will1 be greater than the quantity supplied of labour, and unemployment willосcu.c. The quantity supplied of labour will be greater than the quantity demanded of labour, and a shortage ofworkers will occur.d. The quantity demanded of labour will be greater than the quantity supplied of labour, and a shortage ofworkers will occur.

Equilibrium is achieved at the output level where Qs equals Qd

Answered: 3. Which is the most likely result of…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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12. During the war between Russia and Ukraine millions of Ukrainians have fled into Poland and Hungary. Suppose most of these refugees remain and restart their lives in Poland. In the market for labor the following would likely occur - assuming there is currently a shortage of labor in Poland. a. An increase in the quantity of labor supplied and guaranteed labor surpluses. b. Higher wages if the shortage is eliminated by the increase in the supply of labor. C. An increase in the supply of labor and either a reduced shortage or perhaps even a surplus of labor until wages are pushed down towards equilibrium. d. Huge surpluses of labor if after the increase in supply Poland reaches a market equilibrium it its labor markets. e. None of the above.
Jui
A storm destroys several factories, thereby reducingthe stock of capital. What effect does this event haveon fac tor markets?a. Wages and the rental price of capital both rise.b . Wages and the rental proce of capital both fall.c. Wages rise and the rental price of capital falls.d . Wages fall and the rental price of capital rises.
Question 2For each of the events describe below, you are required to explain:1. The market you are evaluating (e.g., labour market, automotive market, etc).2. Does the event act on the demand side, supply side, or both sides of the market?3. Does the event lead to a quantity or price change? Or does the event lead to a shift indemand, supply, or both?Make sure to explain what sort of assumptions you are making on the elasticities of demand and supply (when plotting your demand and supply, describe whether you are assuming an elastic or inelastic demand/supply).a) A concerted reduction in the total production level in oil markets.b) The implementation of a minimum wage.c) The implementation of subsidies to agricultural production in Australia
29. Predict how each of the following events will raise or lower the equilibrium wage and quantity of oil workers in Texas. In each case, sketch a demand and supply diagram to illustrate your answer. a. The price of oil rises. b. New oil-drilling equipment is invented that is cheap and requires few workers to run. c. Several major companies that do not drill oil open factories in Texas, offering many well-paid jobs outside the oil industry. d. Government imposes costly new regulations to make oil-drilling a safer job.
4 currently, the federal minimum wage is set at $7.25 per hour. a survey conducted bynewsweekmagazine (june 27, 2011) indicated that many americans would be willing to work for far less than the minimum wage—some as low as 25¢ per hour! what would happen if the u.s. government eliminated the minimum wage and instead let wages be set by the marketplace?
How does the amount of employment created by an increase in the minimum wage depend on the elasticity of labor demand? Group of answer choices: a. When the minimum wage increases, employment will fall by a greater amount when the demand for labor is more elastic. b. When the demand for labor is more elastic, raising the minimum wage has no impact on employment. c. When the demand for labor is more inelastic, raising the minimum wage has no impact on employment. d. When the minimum wage increases, employment will fall by a greater amount when the demand for labor is more inelastic.
The Federal Reserve and economists concerned about inflation monitor changes in technology, knowing improvements in technology tend to O increase the quantity supplied as prices decrease. O increase supply and lower prices. O reduce offshoring and increase gainsharing. O decrease demand for technology.
1). Do We Need Another Movie Like "Top Gun?" The US military has claimed that there may soon be a shortage of fighter pilots. The Pentagon predicts that if actions are not taken the shortage will get much larger in the coming 3-5 years. As background information, you should know that both the demand and wages of commercial pilots has risen over the past five years (which you should see as a substitute for military pilots). a). First, graph and explain economically what the Pentagon might mean by a shortage? (note: the demand for fighter pilots is fairly inelaştic) Would micro see this shortage as an inefficiency? If so, show the deadweight loss. b). Provide two efficient solutions to solve the coming shortage of fighter pilots and graphs your solutions.
The graph shows a market for labor. Draw a line that illustrates a minimum wage that creates unemployment of 3 million hours a year. Label it. A minimum wage is a OA. quantity ceiling OB. price ceiling OC. quantity floor OD. price floor esc applied to labor markets. 2 → # 3 с $ 4 % 5 6 <
I need help with A, B and C
Economics: Labor Economics Question: Native labor demand and supply are given by the following functions: w = 19 - 0.001ED and w = 10 + 0.0005ES Show your work a.What is the native employment in equilibrium? [a] b.What is the native equilibrium [b] Suppose that 2,000 immigrants that are perfectly substitutes for native workers now enter the market and their labor supply is perfectly inelastic. c.How many natives will be employed after the immigrants enter (round to the nearest whole number)? [c] d.What is the equilibrium wage for all workers in this market after the immigrants enter (round to the hundredth of a dollar)? [d] Thank you for your support and help Education Agent!

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