macro question 5 ### 5. Minimum Wage LegislationThe following graph shows the labor market in the fast-food industry in the fictional town of Supersize City.**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.#### Graph Input Tool**Market for Labor in the Fast-Food Industry**- **Wage (Dollars per hour):** 6- **Labor Demanded (Thousands of workers):** 900- **Labor Supplied (Thousands of workers):** 378#### Graph ExplanationThe graph illustrates the labor market for the fast-food industry in Supersize City:- **X-Axis (Horizontal):** LABOR (Thousands of workers)- **Y-Axis (Vertical):** WAGE (Dollars per hour)**Curves:**- **Supply Curve (Orange Line):** Represents the relationship between the wage rate and the quantity of labor supplied.- **Demand Curve (Blue Line):** Represents the relationship between the wage rate and the quantity of labor demanded.**Equilibrium Point (Intersection of Supply and Demand):**- At the equilibrium point, the quantity of labor supplied is equal to the quantity of labor demanded.**Green Horizontal Line:**- Indicates the fixed minimum wage level set at $6 per hour.**Black Vertical Lines:**- Indicate the quantities of labor supplied (378,000 workers) and demanded (900,000 workers) at the minimum wage of $6 per hour. ---**Question:**In this market, the equilibrium hourly wage is $_____ and the equilibrium quantity of labor is _____ workers. *(Hint: Enter the quantity of labor in thousands. For example, enter 100,000 for 100 thousands of workers.)* **Understanding Minimum Wage Legislation: An Interactive Exercise****Scenario:** Suppose a senator introduces a bill to legislate a minimum hourly wage of $6. This type of price control is called a **[Select: price floor, price ceiling]**. **Table Analysis:**For each of the wages listed in the following table, determine the quantity of labor demanded, the quantity of labor supplied, and the direction of pressure exerted on wages in the absence of any price controls.| Wage (Dollars per hour) | Labor Demanded (Thousands of workers) | Labor Supplied (Thousands of workers) | Pressure on Wages ||-------------------------|----------------------------------------|--------------------------------------|-------------------|| 8 | [Enter Value] | [Enter Value] | **[Select: Upward, Downward]** || 12 | [Enter Value] | [Enter Value] | **[Select: Upward, Downward]** |**Conclusion:** A minimum wage below $10 per hour in this market will **[Select: cause unemployment, raise employment, have no effect on employment]**.**Guidance for Interpretation:**1. **Wage (Dollars per hour):** The hourly rate of pay for labor.2. **Labor Demanded (Thousands of workers):** The number of workers employers are willing to hire at that wage rate.3. **Labor Supplied (Thousands of workers):** The number of workers willing to work at that wage rate.4. **Pressure on Wages:** Indicates whether wages would naturally increase or decrease based on the balance of labor supply and demand.In this exercise, you will fill in the values for labor demanded and supplied, then determine the direction of wage pressure. A price floor, such as a minimum wage, aims to ensure workers earn a livable wage but can also affect employment levels by creating a surplus of labor (unemployment) or a shortage, depending on the rate set relative to the equilibrium wage.**Interactive Component:** Use the drop-down menus to complete the exercise and understand the implications of minimum wage laws in the labor market.

From the diagram given, the equilibrium wage rate and the equilibrium quantity of labor demanded in…

5. Minimum wage legislation The following graph shows the labor market in the fast food industry in the fictional town of Supersize City. 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. Graph Input Tool Market for Labor in the Fast-Food Industry 20 I Wage (Dollars per hour) 18 Supply Labor Demanded (Thousands of workers) Labor Supplied (Thousands of workers) 16 900 378 14 12 10 Demand 90 180 270 360 450 540 630 720 a10 900 LABOR (Thousands of workers) In this market, the equilibrium hourly wage is $ , and the equilibrium quantity of labor is workers. (Hint: Enter the quantity of labor in thousands. For example, enter 100,000 for 100 thousands of workers.) WAGE(Dollars per hour)

5. Minimum wage legislation The following graph shows the labor market in the fast food industry in the fictional town of Supersize City. 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. Graph Input Tool Market for Labor in the Fast-Food Industry 20 I Wage (Dollars per hour) 18 Supply Labor Demanded (Thousands of workers) Labor Supplied (Thousands of workers) 16 900 378 14 12 10 Demand 90 180 270 360 450 540 630 720 a10 900 LABOR (Thousands of workers) In this market, the equilibrium hourly wage is $ , and the equilibrium quantity of labor is workers. (Hint: Enter the quantity of labor in thousands. For example, enter 100,000 for 100 thousands of workers.) WAGE(Dollars per hour)

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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