Consider the following diagram representing the labor market in a given Country, with foreigners willing to supply labor at $100'000. Suppose that the government allows 85'000 foreign workers to enter the country. What happens to the equilibrium wage (in the short run)? W S 00 120'000 100'000 30'000 O It will be greater than 120'000 It will be less than 100'000 O It will be equal to 100'000 O It will be greater than 100'000 70'000 D

Consider the following diagram representing the labor market in a given Country, with foreigners willing to supply labor at $100'000. Suppose that the government allows 85'000 foreign workers to enter the country. What happens to the equilibrium wage (in the short run)? W S 00 120'000 100'000 30'000 O It will be greater than 120'000 It will be less than 100'000 O It will be equal to 100'000 O It will be greater than 100'000 70'000 D

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

See similar textbooks

Similar questions

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
A Wt WZ- W3+ W4 W5+- 1 1 + - 25 Q5 Q4 Q3 QZ MRP - MFC (MC₂) Q1 •SL VMP LABOR
Below tables shows the data on labor market of Drivers in Muscat city of Oman. Wage rate Monthly in OMR Quantity Demanded Quantity Supplied 200 4500 2000 250 4000 2700 300 3700 3100 350 3400 3400 400 3300 3800 500 3200 4100 a) Suppose that the minimum wage of drivers’ in the market is above the equilibrium wage. By using the demand and supply diagram of the drivers’ market, show the equilibrium wage, the number of employed workers, number of unemployed workers. Also show the total wage payments to drivers. b) Now suppose that the labor secretary is considering a raise in the minimum wage. Explain briefly what would be the effect on unemployment and employment? c) Let’s assume that the demand for drivers was inelastic, what would you propose to increase the minimum wage or lower total wage payments to drivers? Explain briefly why d) Suppose the labor secretary revise the minimum wage at 300 OMR, how do you see this decision?
At the current starting salary of $18,000 per year, the number of new business school graduates demanded is 100,000 a year and the number supplied is 120,000. Based on this information, you can conclude that Select one: O a. there's a shortage of new business school graduates in the market. O b. the equilibrium wage of business school graduates is more than $18,000 per year. the equilibrium wage of business school graduates is less than $18,000 per year. O d. the labor market for new business school graduates is in equilibrium.
The table below describes labor supply and labor demand schedules. Labor supply 400 workers 500 workers 600 workers 700 workers 800 workers 900 workers 1,000 workers Wage $15 $16 $17 $18 $19 $20 $21 Suppose a minimum wage is set at $20. Calculate the surplus labor supply at that wage. Type your answer... P @N 3 $ ਧੰ O m J % 5 I 6 A 7 W * 00 8 P Labor demand 1,000 workers 900 workers 800 workers 700 workers 600 workers 500 workers 400 workers 9 O
Please help with the following.
Question 10 The equilibrium wage in a local labor market is $10 per hour. If a minimum wage of $15 per hour is imposed, which of the following will occur? O There will be a decrease in the quantity of labor supplied by households. O There will be an increase in the quantity of labor demanded by firms. O There will be an increase in unemployment. O All of the above will occur.
Walmart, the country's largest retailer by revenue, has long been known for paying its truck drivers more than the industry average. Which of the following best explains how Walmart benefits from paying truck drivers high wages? O If drivers continue to work for Walmart the company will spend less on hiring and training re-placement drivers. O Walmart can pass on the cost of higher wages by charging customers higher prices. O Higher wage costs reduce Walmart's tax liability O Walmart can now spend less on advertising.
Only type writing allow....don't use pepar work .....
) Suppose an economist states that under a free labor market he expects wages for 4. 1. athletes would be relatively low at Stanford, despite the fact their football program generates a lot of revenue each year, and would have the ability to pay the higher wages for higher quality athletes. What could potentially affect the supply curve for labor for Stanford that wouldn't affect other PAC- 12 schools? Depict the differences in the labor market Stanford faces compared to those other PAC- 12 schools. (HINT: Think of a similar effect for Ivy League schools if they generated enough revenue.) A related question is, why might a higher quality player be willing to take lower wages at Stanford, instead of say Oregon? (Think about costs and benefits of the athletes.)
A country has two regions, the North and the South, which are identical in all respects except the hourly wage and the number of workers. The demand for labor in each region iswN = $20 - .5EN and wS = $20 - .5ESwhere EN and ES are millions of workers. Currently there are 6 million workers in the North and 18 million workers in the South.a. What is the wage in each region?b. If there are no shocks to the economy, migration over time will result in an equalization of wages and employment. What would be the long-run wage and employment level in each region?c. Return to the original setup where there are 6 million workers in the North and 18 million workers in the South. As a policymaker, you decide not only to allow 2 million immigrants of working age to enter your country, but you have the authority to resettle the immigrants wherever you want. How should you distribute immigrants across the regions to maximize the country’s immigration surplus? Besides maximizing the immigration surplus…
iples of Microeconomics Spring20 spring21 - Wage rate Idollars per hou 8 2 0 40 80 120 160 Quantity of labor (millions of hours per year P The figure above shows the market for low-skilled labor in Midland city in a nation to the south. The government sets a minimum wage at $6 per hour. With the minimum wage law enacted, at the quantity of labor employed, the value to the firm of last worker hired is the wage rate for which that person is willing to work. O a the same as O b. $3 per hour greater than Oc $3 per hour less than Od $1 per hour greater