9. Plotting the supply of labor In Denver, 120 people are willing to work an hour as secretaries 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 secretaries 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 ?

9. Plotting the supply of labor In Denver, 120 people are willing to work an hour as secretaries 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 secretaries 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 ?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Concept explainers

Labor Force Participation Rate analysis

The labor force participation rate analysis calculates the percentage of the working-age population either employed or actively seeking work. It can be anyone in the age category of 16 to 64, on the condition that they are not institutionalized. A high labor force participation rate shows that more people are employed and contributing their wages to the economy, making it a healthy economy. It also shows that there are more people actively looking for employment leading to more hiring options for employers. On the other hand, a low labor force participation rate shows a low number of people employed or looking for work. This leads to an economic setback with fewer wages going into the economy. In such a scenario, employers might have to cut back on profits, lay off employees, or stop the process of hiring.

Question

Economics

9. Plotting the supply of labor
In Denver, 120 people are willing to work an hour as secretaries 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 secretaries 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.
Unemployment benefits are steadily declining.
Wages have to increase to accommodate union pressure.
Firms are willing to hire more secretaries at a lower wage.

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