Several members of Parliament have been greatly concerned about the fairness of salaries in the marketplace.They are contemplating enacting a law that would fix the wage rate at WA. Their aides have returned with theresults of an investigation into the matter, as portrayed in Graphs A and B.B. Market for K-12 TeachersA. Market for ComputerSoftware ProgrammersWcWAW.So'00Quantity of ComputerQuantity of K-12 TeachersSoftware ProgrammersRefer to Figure 11-1. If the wage law were enacted, what would the result in the market for computer programmers be?a shortage of Q6- Q5a surplus of Q6- Q4|a surplus of Q6 -Q5a shortage of Q6- Q4|Wage rateWage rate

Equilibrium is achieved at the output level where Qs equals Qd.

alts of an investigation into the matter, as portrayed in Graphs A and B. A. Market for Computer Software Programmers B. Market for K-12 Teachers WA WA We Q, Q2 Quantity of K-12 Teachers O Q, Qs Quantity of Computer Software Programmers er to Figure 11-1. If the wage law were enacted, what would the result in the market for computer programmers be? a shortage of Q6-Q5 a surplus of Q6 - Q4 a surplus of Q6- Q5 a shortage of Q6- Q4 Wage rate

alts of an investigation into the matter, as portrayed in Graphs A and B. A. Market for Computer Software Programmers B. Market for K-12 Teachers WA WA We Q, Q2 Quantity of K-12 Teachers O Q, Qs Quantity of Computer Software Programmers er to Figure 11-1. If the wage law were enacted, what would the result in the market for computer programmers be? a shortage of Q6-Q5 a surplus of Q6 - Q4 a surplus of Q6- Q5 a shortage of Q6- Q4 Wage rate

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Chapter 06 News Analysis: Should the Minimum Wage Increase? 15 Labor Market WAGE (Dollars per hour) 12 0 0 200 400 600 Labor Supply + Wage Rate (Dollars per hour) $11.7 Labor Demanded 220 Labor Supplied 780 (Thousands of workers) (Thousands of workers) Surplus Labor 560 (Thousands of workers) Labor Demand Labor Demand Shifters Tax Credit 0 (Dollars per hour) 800 1000 QUANTITY (Thousands of workers) Suppose the minimum wage in this economy is $11.70 per hour. An unemployed worker is defined as someone who is willing to work at the prevailing wage but is unable to find employment. Because the minimum wage lies above the equilibrium wage, it is binding, which means it is also the prevailing wage. If the wage is not allowed to fall below $11.70 per hour, the size of the unskilled labor force is workers are considered unemployed. workers, and unskilled The unemployment rate is defined as the percentage of unemployed workers in the labor force: Unemployment Rate = Labor Force Unemployed x…