a. The government introduces a minimum wage of $5.50. Draw a horizontal line to identify the minimum wage on the graph. Instructions: Use the tool provided '$5.50' and plot the line over the entire range of output (0-10). Compared to unemployment at the equilibrium wage, unemployment will (Click to select) b. The government introduces a minimum wage of $6.50. Draw a horizontal line to identify the minimum wage on the graph. Instructions: Use the tool provided '$6.50' and plot the line over the entire range of output (0-10). Compared to unemployment at the equilibrium wage, unemployment will (Click to select) ☑. Assume the equilibrium wage rate is $6, as shown below. Wage $12 Tools $11 S $10 $5.50 $6.50 $9 $8 $7 $6 $5 $4 $3 $2 D $1 0 1 2 3 4 5 6 7 8 9 10 Labor

so search Store Local Shoe Store Different Neighborhood in Town Rural Outlet Travel Time Each Way (Minutes) 15 30 60 Price of a Sandals (Dollars per sandals) 132 96 88 Ciana earns an hourly wage of $60 at her job. In order to purchase her sandals she will have to take time off work, so each hour away from her job costs her 500 in lost income. Assume that Ciana's travel time is the same each way (to and from the store) and that it will take her 30 minutes once she reaches a store to complete her shopping. Assume throughout the question that Ciana incurs no additional costs other than the sandals, such as Store Local Shoe Store Different Neighborhood in Town Rural Outlet Complete the following table by computing the opportunity cost of Ciana's time and the total cost of shopping at each location. Opportunity Cost of Time. (Dollars) Price of a Sandals (Dollars per sandals) 132 96 68 Total Cost (Dollars) Assume that Ciana considers both her opportunity costs and the price of sandals when…

Use the following to answer questions 76-80: Employee Benefits. The indifference curves in the graph below depict Shelly's preferences of wages and employee benefits. Shelly's annual value of marginal product is $45,000, and employers' cost of benefits is $1,000 per unit. Plot the wage-benefits curve in this example. Shelly chooses a job with employee benefit. O 10 15 20 O 25 wage (ths. 5/year) 23242525 40 30 20 15 10 h k h 05 10 15 20 25 30 35 40 benefits (units/year) units of the

#11 ✪ A vendor prepares 100.00 hotdogs every day and sells at $18.00/piece. For each hot dog, he spends $13.00 in the raw material. Additionally he spends $1.45 for packing each hotdog and monthly $50.00, $24.00, $8.00 as food truck rent, electricity and other expenses respectively. Lost sales are charged at $4.00 per lost sale. Leftover hotdogs can be sold for $3. On a particular day in June 114.00 people came wanting to buy a hotdog. Determine the vendor's profit for that day? Assume there are 30 days in the month. Submit Answer format: Currency: Round to: 2 decimal places. Show Hint

The following graph represents the Marginal Revenue Product for workers at Ollie's O-Rings: S/worker/hour $40 $36 $32 $28 $24 $20 $16 $12 $8 $4 0. 40 60 80 100 20

Labor Output 10 1 12 3 4 15 6 O $100 O $10 10 $5 100 250 350 Marginal Product 430 100 $10 $15 $20 $25 $30 Use the table above. What is the salary payed to employees? 50 25 Variable Cost OIt cannot be determined SO $5 Fixed Cost $5 $5 $5 $5 $5 $5 $5

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Workers 1 2 3 4 MRP 5 6 7 A) 3 workers 20 18 16 14 12 If the wage rate decreases from $21 to $13, by how much will the firm expand employment? B) 2 workers C) 5 workers $24 D) 4 workers 22 22

$18 Ls $16 $14 $12 $10 $8 $4 $2 Lp $0 0. 6. 4 8. 10 12 14 16 18 Employment of Teen Workers (Thousands) Consider the supply and demand for teen workers in large state as shown in the model above. (a) Without a minimum wage in place, the equilibrium wage is Select ] with Select] teens employed. (b) With a minimum wage of $14, Select] teens will be seeking jobs in this market, and there will be only [Select ] jobs available. (c) How much unemployment is created as a result of the $14 minimum wage. [ Select ] (d) A more realistic drawing of the minimum wage model that would demonstrate a smaller decline in teen employment would show the labor demand and labor supply curves as more (Select ] 2, Wages of Teen Workers

Use the figure below to explain the impacts of a earning that is below the equilibrium earnings of $40,000 will have on the Alaskan Labor Market and Construction of the Oil Pipeline? Labor Labor market equilibrium point Earnings 20,000 50,000 35,000