5. Should all professors be paid the same? The following graphs show the supply of and demand for assistant professors in historyand in biologyfor a hypothetical university. Use the graphs to help you answer the following questions. 120 108 28 SALARY (Thousands of dollars) 72 60 288 36 12 24 Supply 0 Market for Assistant History Professors Demand University Wage (Dollars) 72,000 108,000 5 10 15 20 25 30 35 40 35 40 45 50 QUANTITY (Assistant history professors) (?) Quantity Demanded SALARY (Thousands of dollars) Assistant History Professors Quantity Supplied 180 Demand 162 fewer biology professors their equilibrium equivalent to a price floor for histo would be if the university paid ass more 144- 126 108 DO 54 The equilibrium wage of an assistant professor in history is $ the other hand, the equilibrium'wage of an assistant professor in biology is S professors in biology. 36 18 0 Suppose the university sets the same wage for all assistant professors in each department. Market for Assistant Biology Professors Supply 0 4 8 12 16 20 20 24 28 32 36 40 QUANTITY (Assistant biology professors) and the equilibrium quantity is Fill in the following table with the quantity demanded and supplied for each type of assistant professor when the university sets the wage to $72,000 and $108,000, respectively. Shortage or Surplus and the equilibrium quantity is (?) assistant professors in history. On assistant Quantity Demanded Assistant Biology Professors Quantity Supplied Shortage or Surplus In summary, if the university sets a wage of $72,000 for all assistant professors in every department, which is equivalent to a price ceiling for biology professors, there will be assistant biology professors hired by the university than there would be if the university paid assistant Similarly, if the university sets a wage of $108,000 for all assistant professors in every department, which is ssors, there will be assistant history professors hired by the university than there story professors their equilibrium wage.
5. Should all professors be paid the same? The following graphs show the supply of and demand for assistant professors in historyand in biologyfor a hypothetical university. Use the graphs to help you answer the following questions. 120 108 28 SALARY (Thousands of dollars) 72 60 288 36 12 24 Supply 0 Market for Assistant History Professors Demand University Wage (Dollars) 72,000 108,000 5 10 15 20 25 30 35 40 35 40 45 50 QUANTITY (Assistant history professors) (?) Quantity Demanded SALARY (Thousands of dollars) Assistant History Professors Quantity Supplied 180 Demand 162 fewer biology professors their equilibrium equivalent to a price floor for histo would be if the university paid ass more 144- 126 108 DO 54 The equilibrium wage of an assistant professor in history is $ the other hand, the equilibrium'wage of an assistant professor in biology is S professors in biology. 36 18 0 Suppose the university sets the same wage for all assistant professors in each department. Market for Assistant Biology Professors Supply 0 4 8 12 16 20 20 24 28 32 36 40 QUANTITY (Assistant biology professors) and the equilibrium quantity is Fill in the following table with the quantity demanded and supplied for each type of assistant professor when the university sets the wage to $72,000 and $108,000, respectively. Shortage or Surplus and the equilibrium quantity is (?) assistant professors in history. On assistant Quantity Demanded Assistant Biology Professors Quantity Supplied Shortage or Surplus In summary, if the university sets a wage of $72,000 for all assistant professors in every department, which is equivalent to a price ceiling for biology professors, there will be assistant biology professors hired by the university than there would be if the university paid assistant Similarly, if the university sets a wage of $108,000 for all assistant professors in every department, which is ssors, there will be assistant history professors hired by the university than there story professors their equilibrium wage.
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
Related questions
Question
Transcribed Image Text:5. Should all professors be paid the same?
The following graphs show the supply of and demand for assistant professors in historyand in biologyfor a hypothetical university. Use the graphs to
help you answer the following questions.
120
108
28
SALARY (Thousands of dollars)
72
60
288
36
12
24 Supply
0
Market for Assistant History Professors
Demand
University
Wage
(Dollars)
72,000
108,000
5 10 15 20 25 30 35 40
35 40 45 50
QUANTITY (Assistant history professors)
(?)
Quantity
Demanded
SALARY (Thousands of dollars)
Assistant History Professors
Quantity
Supplied
180 Demand
162
fewer
biology professors their equilibrium
equivalent to a price floor for histo
would be if the university paid ass more
144-
126
108
DO
54
The equilibrium wage of an assistant professor in history is $
the other hand, the equilibrium'wage of an assistant professor in biology is S
professors in biology.
36
18
0
Suppose the university sets the same wage for all assistant professors in each department.
Market for Assistant Biology Professors
Supply
0 4 8 12 16 20
20 24 28 32 36 40
QUANTITY (Assistant biology professors)
and the equilibrium quantity is
Fill in the following table with the quantity demanded and supplied for each type of assistant professor when the university sets the wage to $72,000
and $108,000, respectively.
Shortage or
Surplus
and the equilibrium quantity is
(?)
assistant professors in history. On
assistant
Quantity
Demanded
Assistant Biology Professors
Quantity
Supplied
Shortage or
Surplus
In summary, if the university sets a wage of $72,000 for all assistant professors in every department, which is equivalent to a price ceiling for biology
professors, there will be
assistant biology professors hired by the university than there would be if the university paid assistant
Similarly, if the university sets a wage of $108,000 for all assistant professors in every department, which is
ssors, there will be
assistant history professors hired by the university than there
story professors their equilibrium wage.
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