Hello Expert, Please acknowledge the two images I have attached. On one image, the graph and problem statement is provided. On another image, parts a and b are provided. Kindly note that some of the questions are dropdown questions, in that they require to look at the dropdown options. Since you don't have access to the platform, I have provided the options in an edited version of the image. Also, note that the software encourages one to toggle the value which changes the graph. You will have to mentally toggle the graph on your own. Thank you. ### Minimum Wage LegislationThe following graph illustrates the labor market in the fast food industry in the fictional town of Supersize City.**Instructions:**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.**Graph Description:**The graph represents the relationship between the wage rate and the quantity of labor (in thousands of workers) in the fast food industry. There are two curves on the graph:- **Supply Curve (Orange Line):** This line slopes upwards from left to right, indicating that as the wage rate increases, the quantity of labor supplied also increases.- **Demand Curve (Blue Line):** This line slopes downwards from left to right, indicating that as the wage rate increases, the quantity of labor demanded decreases.The graph includes a **green horizontal line,** denoting a specific wage rate, which intersects both the supply and demand lines.**Axes:**- **Y-Axis (Vertical):** Wage (in dollars per hour), ranging from $0 to $20.- **X-Axis (Horizontal):** Labor (in thousands of workers), ranging from 0 to 700.**Graph Input Tool:**The tool located to the right side of the graph allows users to input values to see the effects on the fast-food labor market. The fields in this tool are:- **Wage:** This box shows the hourly wage in dollars. In the example, the wage is set at $6.- **Labor Demanded:** This box shows the number of thousands of workers demanded at the given wage rate. In the example, it is 406,000 workers.- **Labor Supplied:** This box shows the number of thousands of workers supplied at the given wage rate. In the example, it is 210,000 workers.Adjusting the wage value will dynamically alter the figures for labor demanded and labor supplied, reflecting changes in the market equilibrium. ### Economics Homework: Labor Market Analysis#### Problem a)In this market, the equilibrium hourly wage is \$, and the equilibrium quantity of labor is workers. (Hint: Enter the quantity of labor in thousands. For example, enter 100,000 for 100 thousands of workers.)Suppose a senator introduces a bill to legislate a minimum hourly wage of \$12. This type of price control is called a ___.Dropdown options:- Price ceiling- Quota- Price floor- Tax#### Problem b)For each of the wages listed in the following table, determine the quantity of labor demanded, the quantity of labor supplied, and the direction of pressure exerted on wages in the absence of any price controls.| **Wage (Dollars per hour)** | **Labor Demanded (Thousands of workers)** | **Labor Supplied (Thousands of workers)** | **Pressure on Wages** ||-----------------------------|------------------------------------------|-----------------------------------------|------------------------|| 12 | | | || 8 | | | |Dropdown options for "Pressure on Wages":- Upward- DownwardA minimum wage below $10 per hour in this market will ___.Dropdown options:- Cause a surplus- Have no effect- Cause a shortage

Equilibrium is achieved where the wage is equal to labor.

а) In this market, the equilibrium hourly wage is $ and the equilibrium quantity of labor is workers. (Hint: Enter the quantity of labor in thousands. For example, enter 100,000 for 100 thousands of workers.) * Price ceiling? Suppose a senator introduces a bill to legislate a minimum hourly wage of $12. This type of price control is called a *Quota? *Price floor? *Tax? b) For each of the wages listed in the following table, determine the quantity of labor demanded, the quantity of labor supplied, and the direction of pressure exerted on wages in the absence of any price controls. *Upward? Wage Labor Demanded Labor Supplied *Downward? (Dollars per hour) (Thousands of workers) (Thousands of workers) Pressure on Wages 12 8 *Upward? Cause a surplus *Downward? A minimum wage below $10 per hour in this market will have no effect?

а) In this market, the equilibrium hourly wage is $ and the equilibrium quantity of labor is workers. (Hint: Enter the quantity of labor in thousands. For example, enter 100,000 for 100 thousands of workers.) * Price ceiling? Suppose a senator introduces a bill to legislate a minimum hourly wage of $12. This type of price control is called a Quota? Price floor? Tax? b) For each of the wages listed in the following table, determine the quantity of labor demanded, the quantity of labor supplied, and the direction of pressure exerted on wages in the absence of any price controls. Upward? Wage Labor Demanded Labor Supplied Downward? (Dollars per hour) (Thousands of workers) (Thousands of workers) Pressure on Wages 12 8 Upward? Cause a surplus *Downward? A minimum wage below $10 per hour in this market will have no effect?

Economics (MindTap Course List)

13th Edition

ISBN:9781337617383

Author:Roger A. Arnold

Publisher:Roger A. Arnold

Chapter26: Factor Markets: With Emphasis On The Labor Market

Section: Chapter Questions

Problem 14QP

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i need help , i keep getting it woring and this is my last chance macroeconmics question 5
Consider the housing construction industry. Assume that the industry is perfectly competitive in both input and output markets. Suppose that, through collective bargaining, a labor union negotiates an industry-wide wage for various kinds of labor (electricians, plumbers, and so on). In particular, it succeeds in negotiating a wage increase for carpenters from $15 to $20 per hour. The following graph shows the labor demand of an individual firm. On the following graph, show what happens at the firm level as a result of the union negotiations. WAGE RATE (Dollars per hour) 30 25 20 15 10 5 0 0 20 40 60 80 Demand Supply 100 120 QUANTITY OF LABOR (Number of workers) Now consider the effects of the wage change on the entire industry. Demand Supply ? 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…
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The following graph shows the annual market for Florida oranges, which are sold in units of 90-pound boxes. 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. Once you enter a value in a white field, the graph and any corresponding amounts in each grey field will change accordingly. Note: PRICE (Dolar per box) 249 ARKRE 20 50 45 40 35 0 40 Supply and 80 120 160 200 240 200 320 350 400 QUANTITY (Mons of boxes) Graph Input Tool Market for Florida Oranges Price (Dollars per box) Quantity Demanded (Millions of boxes) 15 232 Quantity Supplied (Millions of boxes) 168
The following graph shows the annual market for Michigan blueberries, which are sold in units of 50-pound boxes. 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. 08016024032040048056064072080050454035302520151050PRICE (Dollars per box)QUANTITY (Millions of boxes)Demand Supply Graph Input Tool Market for Michigan Blueberries Price (Dollars per box) Quantity Demanded (Millions of boxes) Quantity Supplied (Millions of boxes) In this market, the equilibrium price is per box, and the equilibrium quantity of blueberries is million boxes. For each of the prices listed in the following table, determine the quantity of blueberries demanded, the quantity of blueberries supplied, and the direction of pressure…
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. Graph Input Tool (? Market for Labor in the Fast Food Industry 20 I Wage (Dollars per hour) 18 Supply 18 Labor Demanded (Thousands of workers) Labor Supplied (Thousands of workers) 900 378 14 12 10 Demand 2 90 180 270 380 450 540 630 720 810 900 LABOR (Thousands of workers) In this market, the eqilibrium hourly wage is S and the equilibrium quantity of labor is thousand workers. Suppose a senator introduces a bill to legislate a minimum hourly wage of $6. This type of price control is called a WAGE (Dollars per hour)
The following graph shows the annual market for Florida oranges, which are sold in units of 90-pound boxes. 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. 07014021028035042049056063070050454035302520151050PRICE (Dollars per box)QUANTITY (Millions of boxes)Demand Supply Graph Input Tool Market for Florida Oranges Price (Dollars per box) Quantity Demanded (Millions of boxes) Quantity Supplied (Millions of boxes) In this market, the equilibrium price is per box, and the equilibrium quantity of oranges is million boxes. For each of the prices listed in the following table, determine the quantity of oranges demanded, the quantity of oranges supplied, and the direction of pressure exerted on prices…
Please help me to answer the requirements completely: Thank you Compute for the physical change Compute for the price change
Briefly define
Could you provide some graphs on the above?
just subpart d) need graph (figure) drawn computerised