6. Plotting the supply of laborIn San Diego, 135 people are willing to work an hour as cashiers if the wage is $20 per hour. For each additional $5 that the wage rises above $20, anadditional 45 people are willing to work an hour.For wages of $20, $25, $30, $35, and $40 per hour, plot the daily labor supply curve for cashiers on the following graph.5045Supply40353020100 4590135180225270315360405450LABOR (Number of workers)What is one explanation for why this labor supply curve is upward sloping?O Labor production functions exhibit diminishing marginal returns.O The opportunity cost of leisure increases as wages increase.O People prefer to spend time doing leisure activities rather than working.O Wages have to increase to accommodate union pressure.WAGE (Dollars per hour)1525

People either work or enjoy leisure. When wage rate increases, opportunity cost of leisure increases…

Answered: 6. Plotting the supply of labor In San…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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5. Discrimination in the labor market The following table lists the name, gender, height, and minimum wage 10 people are willing to accept to work as personal assistants at a prestigious law firm. Height Minimum Wage Name Gender (Inches) (Dollars per week) Paolo 67 $308 Latasha F 63 $321 Rosa 66 $342 Jake M 71 $364 Nick M 69 $385 Alyssa F 66 $407 Tim M 70 $421 Edison M 70 $450 Brian M 64 $462 Crystal 69 $484 The lowest wage that the law firm can pay to hire five personal assistants is per week. Suppose the head of the law firm has a preference for tall employees because he thinks it will increase revenue, and thus, he imposes the restriction that all personal assistants hired must be at least 67 inches in height. Under this new regulation, the wage rate the law firm must pay to attract five personal assistants rises by $ |per week.
2. Plotting the supply of labor In Detroit, 120 people are willing to work an hour as cashiers if the wage is $20 per hour. For each additional $5 that the wage rises above $20, an additional 30 people are willing to work an hour. For wages of $20, $25, $30, $35, and $40 per hour, plot the daily labor supply curve for cashiers on the following graph. WAGE RATE (Dollars per hour) 50 45 40 35 30 25 20 15 10 5 0 D 30 60 90 120 150 180 210 240 270 QUANTITY OF LABOR (Number of workers) 300 What is one explanation for why this labor supply curve is upward sloping? O Wages have to increase to accommodate union pressure. Firms are willing to hire more cashiers at a lower wage. O The opportunity cost of leisure increases as wages increase. O Unemployment benefits are steadily declining. Supply
In Akron, 150 people are willing to spend an hour working as yoga instructors for an hourly wage of $10. For each additional $5 that the wage increases above $10, an additional 50 people are willing to spend an hour working. For hourly wages of $10, $15, $20, $25, and $30, plot the daily labor supply curve for yoga instructors on the following graph. 50 45 40 35 & WAGE (Dollars per hour) 20 15 10 5 0 0 50 100 150 200 250 300 350 LABOR (Number of workers) 400 450 500 Supply What is one explanation for why this labor supply curve is upward sloping? Wages have to increase to accommodate union pressure. Unemployment benefits are steadily declining. The opportunity cost of leisure decreases as wages decrease. People prefer to spend time doing leisure activities rather than working. ?
11. Describe what happens to quantity of labor supplied when wages are at the equilibrium level, above equilibrium, and below equilibrium.
6. Plotting the supply of labor In Providence, 120 people are willing to spend an hour working as pizza makers for an hourly wage of $20. For each additional $5 that the wage increases above $20, an additional 30 people are willing to spend an hour working. For hourly wages of $20, $25, $30, $35, and $40, plot the daily labor supply curve for pizza makers on the following graph. WAGE (Dollars per hour) 50 45 40 35 30 25 20 15 10 5 0 0 + 30 60 90 120 150 180 210 LABOR (Number of workers) 240 270 300 Supply What is one explanation for why this labor supply curve is upward sloping? The opportunity cost of leisure increases as wages increase. O Unemployment benefits are steadily declining. Wages have to increase to accommodate union pressure. O Firms are willing to hire fewer pizza makers at a higher wage.
LO LL 50 45 40 20 15 WAGE (Dollars per hour) 6. Plotting the supply of labor In Philadelphia, 180 people are willing to work an hour as hostesses if the wage is $20 per hour. For each additional $5 that the wage rises above $20, an additional 45 people are willing to work an hour. For wages of $20, $25, $30, $35, and $40 per hour, plot the daily labor supply curve for hostesses on the following graph. Supply 35 25 5. 06 135 180 225 270 315 405 450 LABOR (Number of workers) What is one explanation for why this labor supply curve is upward sloping? MacBook Pro #3 24 2. 4. R M B. N
4. Minimum wage legislation Part 2 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.
In Houston, 180 people are willing to work an hour as hostesses if the wage is $10 per hour. For each additional $5 that the wage rises above $10, an additional 45 people are willing to work an hour. For wages of $10, $15, $20, $25, and $30 per hour, plot the daily labor supply curve for hostesses on the following graph. WAGE (Dollars per hour) 50 45 40 35 30 20 15 10 5 0 77°F Mostly sunny 0 45 90 315 225 270 135 180 LABOR (Number of workers) 360 405 450 -- Supply C O
4. Minimum wage legislation Part 3 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.
2. Minimum wage legislation The following graph gives the labor market for the fast-food industry of the imaginary city of Combopolis. 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. WAGED per hour) Graph Input Tool Market for Labor in the Fast Food Industry Wage 6 Supply Labor Demanded (Hundreds of worker) (Dollars per hour) 174 Labor Supplied (Hundreds of workers) 126 Digand 30 60 90 120 150 180 210 240 270 300 LABOR (Hundreds of workers) In this market, the equilibrium wage is S per hour, and the equilibrium quantity of labor is Suppose the mayor of Combopolis introduces a legal minimum wage of $5 per hour. This type of price control is called a hundred workers. For each of the wages isted in the following table, determine the quantity of labor demanded, the quantity of…
1. The demand for labor Consider Live Happley Fields, a small player in the strawberry business whose production has no individual effect on wages and prices. Live Happley's production schedule for strawberries is given in the following table: Labor Input Total Output (Number of workers) (Pounds of strawberries) 0 0 1 16 2 30 3 42 4 52 5 60 Suppose that the market wage for strawberry pickers is $200 per worker per day, and the price of strawberries is $15 per pound. On the following graph, use the blue points (circle symbol) to plot Live Happley's labor demand curve when the output price is $15 per pound. Note: Remember to plot each point between the two integers. For example, when the number of workers increases from 0 to 1, the marginal revenue product of the first worker should be plotted with a horizontal coordinate of 0.5, the value halfway between 0 and 1. Line segments will automatically connect the points. WAGE RATE (Dollars per worker) 300 270 240 210 180 150 120 90 60 30 0 0…
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