A competitive labor market is shown in the graph to the right. The demand forlabor is D, and the supply is S.Wage ($/hour)20-SL18The equilibrium wage in this market is $ per hour, andthousand workers16-will be employed. (Enter your responses rounded to two decimal places.)14-The economic rent earned by workers is area12-10----BB + CB6-A + B + C4-2-D12 14 16 18 20A+ B10Number of workers (in thousands)14Enter your answer in each of the answer boxes.

Labor demand curve is a curve illustrating the quantity of labor desired by the business units at…

A competitive labor market is shown in the graph to the right. The demand for labor is D and the supply is S. Wage ($/hour) 20- SL 18- The equilibrium wage in this market is $ per hour, and will be employed. (Enter your responses rounded to two decimal places.) thousand workers 16- 14- The economic rent earned by workers is area 12- A. 10- --- В 8- B+C 6- A+ B+ C 4- C C 2- A D 12 14 16 18 Number of workers (in thousands) 0- A+B 4 16 10 20

A competitive labor market is shown in the graph to the right. The demand for labor is D and the supply is S. Wage ($/hour) 20- SL 18- The equilibrium wage in this market is $ per hour, and will be employed. (Enter your responses rounded to two decimal places.) thousand workers 16- 14- The economic rent earned by workers is area 12- A. 10- --- В 8- B+C 6- A+ B+ C 4- C C 2- A D 12 14 16 18 Number of workers (in thousands) 0- A+B 4 16 10 20

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Suppose that the graph depicts the labor market for personal care aides in Morgantown, West Virginia. If the government enacts a minimum wage of $11, how many personal care aides will be employed? Price $11 $10 2000 4000 5000 O5,000 2,000 3,000 4,000 Labor supply Labor demand Quantity of workers
5.
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7. In Australia the (w) is 10 Australian dollars (AUD) per worker per hour, and the rental price of capital (r) is 2 AUD per machine per hour. Then the wage in units of machines-defined as the amount of machines that could be bought with one hour's wage-is calculated a. by the formula w xr and is equal to 20 machines b. by the formula w/r and is equal to 5 machines c. by the formula w +r and is equal to 12 machines d. by the formula w -r and is equal to 8 machines
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5. Consider a perfectly competitive labor market in which a binding minimum wage is imposed. For this market, let ED represent the elasticity of labor demand and ES represent the elasticity of labor supply. In which of the following situations will the minimum wage be most beneficial to workers? O ED 1/2 and ES = 1/2 OED-1 and ES = 2 OED-2 and ES = 1 O ED=-3 and ES=1/4 ED=-4 and ES=4
Figure 13.5 Wage (S) 200- 180- 160- 140- 120- 100 80 60- 40 20 0 MR 10 20 30 40 50 60 70 80 Quantity of labor Reference: Ref 13-7 MC (Figure 13.5) The figure represents a labor union with wage in dollars and quantity of labor in hundreds of hours. If the labor union chooses to maximize total wages, how many workers will it supply? Select one: O A. 4,000 OB. 2,750 O C. 5,000 D. 8,000
1. Economic rent The following graph shows a competitive labor market. 50 40 40 WAGE RATE (Dollars per hour) 20 30 30 10 0 2 4 Labor Supply Labor Demand Labor Supply Economic Rent Labor Demand 6 8 10 QUANTITY OF LABOR (Billions of hours) Opportunity Cost (?) Based on the graph, the total amount paid to workers in this market (that is, total labor earnings) is On the graph, use the green triangle (triangle symbols) to shade the portion of labor earnings that consists of economic rent. Then, use the purple quadrilateral (diamond symbols) to shade the portion of labor earnings that consists of opportunity cost.
8.The demand for labor by an industry is given by the curve L = 1200 – 10w, where L is the labor %3D demanded per day and w is the wage rate. The supply curve is given by L = 20w. What is the equilibrium wage rate and quantity of labor hired? What is the economic rent earned by workers?
3. Suppose that the supply curve for private schoolteachers is Ls = 20,000 + 350W, and the demand curve for such schoolteachers is Ld = 100,000 - 150W, where L = the number of teachers and W = the daily wage. 1 a. Plot the supply and demand curves. b. What are the equilibrium wage and employment levels in this market? c. What will be the effect on labour demand and supply if the government imposes a minimum wage of 200 GHS.