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 tohelp you answer the following questions.SALARY (Thousands of dollars)1201089684241200Market for Assistant History ProfessorsDemandUniversityWage(Dollars)72,000108,000Supply5 10 15 20 25 30 35 40 45QUANTITY (Assistant history professors)50(?)QuantityDemandedSALARY (Thousands of dollars)180 Demand162Assistant History ProfessorsQuantitySupplied144126The equilibrium wage of an assistant professor in history is Sthe other hand, the equilibrium'wage of an assistant professor in biology is 5professors in biology.106180Market for Assistant Biology ProfessorsSuppose the university sets the same wage for all assistant professors in each department.Supply0 14 8 12 16 20 24 28 32 36QUANTITY (Assistant biology professors)and the equilibrium quantity isShortage orSurplusFill in the following table with the quantity demanded and supplied for each type of assistant professor when the university sets the wage to $72,000and $108,000, respectively.40and the equilibrium quantity isQuantityDemanded(?assistant professors in history. OnassistantAssistant Biology ProfessorsQuantitySuppliedShortage orSurplusIn 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 biologyprofessors, there will bebiology professors their equilibriurassistant biology professors hired by the university than there would be if the university paid assistantSimilarly, if the university sets a wage of $108,000 for all assistant professors in every department, which isfewerequivalent to a price floor for histo ssors, there will beassistant history professors hired by the university than there.would be if the university paid ass more story professors their equilibrium wage.

The equilibrium wage is the point when the economy can exactly hire the number of people that is…

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. Market for Assistant History Professors 180 Demand 162 144 + 126 + 108 == 00 72 54 36 Supply 18 0 0 5 10 15 20 25 25 30 35 40 45 50 0 4 8 12 16 20 24 28 32 36 40 QUANTITY (Assistant history professors) SALARY (Thousands of dollars) 120 Demand 108 96 84 60 36 24 Supply 12 0 The equilibrium wage of an assistant professor in history is S the other hand, the equilibrium'wage of an assistant professor in biology is S professors in biology. (?) University Wage (Dollars) 72,000 108,000 Quantity Demanded SALARY (Thousands of dollars) Suppose the university sets the same wage for all assistant professors in each department. Assistant History Professors Quantity Supplied fewer Market for Assistant Biology Professors QUANTITY (Assistant biology professors) and the equilibrium quantity is Y 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 professors, there will be wago wage of $72,000 for all assistant professors in every department, which is equivalent to a price ceiling for biology assistant biology professors hired by the university than there would be if the university paid assistant biology professors their equilibriur Similarly, if the university sets a wage of $108,000 for all assistant professors in every department, which is equivalent to a price floor for histo ssors, there will be assistant history professors hired by the university than there would be if the university paid ass more story professors their equilibrium wage.