$18 Ls $16 $14 $12 $10 $8 $4 $2 Lp $0 4. 6 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 ] v with [Select] teens employed. (b) With a minimum wage of $14, ( Select ] v 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] Wages of Teen Workers

$18 Ls $16 $14 $12 $10 $8 $4 $2 Lp $0 4. 6 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 ] v with [Select] teens employed. (b) With a minimum wage of $14, ( Select ] v 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] Wages of Teen Workers

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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4. A rise of the minimum wage is least likely to diminish welfare if:A. the minimum wage is close to the median wageB. unskilled labor is relatively abundantC. firms can easily alter the workforce compositionD. the demand for labor is inelastic, i.e. does not change much with the wage
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If the tax elasticity of labor supply is 0.24, by what percentage will the quantity of labor supplied increase in response to a. a $500 per person income tax rebate?multiple choice A 4.8 percent increase A 1.2 percent increase No increase A 2.4 percent increase b. a 9 percent reduction in marginal tax rates? %
(c) Let us now turn to the labor market for grocery store workers in Little town. Recently one of the last two grocery stores in Little town closed leaving only one employer for grocery store workers in this area. This labor market is not very competitive. What type of market structure is this? (d) Draw a typical supply curve (i.e. average expenditure), marginal expenditure, and demand for the grocery store in Little Town. Label the equilibrium wage and number of grocery store workers. (e) Suppose that some time has passed and the population has grown in Little Town and there are now many grocery stores. Now suppose that the grocery store workers unionize. Draw a graph to depict the equilibrium wage and number of workers in this new market.
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.
Consider an individual who must drive to his place of work. Assume that there are 16 available hours in the day, that his wage rate is $20 per hour, and that he has nonlabour income of $100 per day. The commute takes one hour each day and it costs $40 in expenses for the round trip. Using a work-eisure diagram, depict his labour supply choice, including his reservation wage. Analyze the impact of an increase in commuting costs on his participation and hours decision. Analyze the impact, first of an increase in commuting time from two to four hours per day, and, second, of an increase in driving expenses from $40 to $60 per round trip, keeing commuting time at two hours. Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.
The market of labor force of food delivery is characterized by the chart below. The government decides to protect the citizens and establish the minimum wage on the level of UAH 5200 Wage 3800 4000 4300 4700 5000 5200 5500 5800 6000 Labor supply 10000 11000 12500 14000 14600 15000 15900 16400 17000 Labor demand 17000 16000 15000 14000 13000 12000 11000 10000 9000 How the minimum wage would influence the market of labor force (on business and on workers)? What are the pros and cons of minimum wage implementing? How the workers could mitigate these changes?
Ten college students have accepted job offers for the year after they graduate. Their starting salaries are given here. Organize the data into quintiles and then, using these data, draw the Lorenz curve for this group. Finally, calculate the relevant Gini coefficient. Becky $42000 Billy $20000 Charlie $31000 Kasia $24000 Nina $34000 Raul $37000 Rose $29000 Thomas $35000 Willis $60000 Yukiko $32000 Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.
Wage Rate $8.00 $5.50 0 250 350 450 Quantity of Labor (in thousands) O $5.50 and 200,000. Sd Assumptions: (1) Employers in this market are willing and able to ignore minimum wage laws; (2) Sd represents the supply of domestic-born (and legal immigrant) workers; (3) St represents the total supply of workers in this labor market (Sd plus illegal immigrants); and (4) unless otherwise stated, illegal immigration is not effectively blocked by the government. O $5.50 and 250,000. St The equilibrium wage and number of illegal immigrants working are, respectively, O $8.00 and 350,000. D O $5.50 and 450,000.
Name two characteristics typical of people who earn the minimum wage
What other information might the government find useful in assessingthe minimum wage given its goals?