$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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If the minimum wage is set above the equilibrium wage, the quantity of labor supplied by workers is ______ to the quantity demanded by employers. 1. Lower 2. Same 3. Minor 4. Superior
2. On the diagram below draw in a Supply Curse for Labor (nurses) and the Demand Curve for Nurses. Where the two lines intersect we call the equilibrium wage, which we will just say is something like $30 per hour. Let's say the government thinks the wage of $30 per hour is TOO LOW for nurses in the United States, so the make a law requiring nursing wages to be AT LEAST $45 an hour. Draw that line in at the $45 dollar and hour wage rate. What do you think will happen on this diagram in the short run, and eventually in the long run?
36 33 30 27 24 21 18 15 12 9. 3 1 3 4 7 8 9 10 11 12 Click to see additional instructions A. What are the x-axis and y-axis variables? Write the budget constraint in terms of these variables. This Individual can work up to 9 hours at the wage $ 12 This individual's full income is $ 108 B. In one short sentence explain why this person is a participant or not. If the union charges $3 for membership, this person's non-labour income will be Suppose in addition to the membership fee, joining the union gives a $1 increase in the wage. C. Accurately draw the new budget constraint on the two graphs provided. D. On the first graph, add a preference map such that the person is better off joining the union. On the second graph, add a preference map such that the person is worse off joining the union.
Molly owns a company that gives one-on-one skiing lessons. She is deciding how many ski instructors to hire. The price of a ski class is $100, and the equilibrium wage for a ski instructor is $300 per day. According to the table below and the Rational Rule for Employers, how many ski instructors should Molly hire? Total number of Number of ski ski lessons instructors 1 8 2 14 3 17 4 19 20 A) 1 B) 2 C) 3 D) 4 E) 5
Construct a supply and demand graph illustrating the effects of a $7.25 minimum wage . Use $6.00 as an equilibrium wage/ hour
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
Hourly Wage (dollars) $8.00 8.50 9.00 9.50 10.00 10.50 Quantity of Labor Supplied 350,000 360,000 370,000 380,000 390,000 400,000 Quantity of Labor Demanded 390,000 380,000 370,000 360,000 350,000 340,000
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.
↓ The graph illustrates a labor market in which there is a minimum wage of $5 an hour Draw shapes that represent the following 1) firms' surplus Label it FS 2) workers' surplus. Label it WS 3) deadweight loss. Label it DWL 4) the potential loss from job search Label it Loss >>> A label can be repositioned by clicking on the edge of the label box and dragging it onto the shape Wage rate (dollars per hour) FS 3- 0+ 18 19 (18,2) Minimum wage D 24 25 21 22 23 20 Quantity (millions of hours per year) a G
Wage $12 $11 $10 $9 $8 $7 $6 $5 $4 $3 $2 $1 T S Tools / $5.50 D 0 1 2 3 4 5 6 7 8 9 10 Labor $6.50 ■. The government introduces a minimum wage of $5.50. Draw a horizontal ne to identify the minimum wage on the graph.
Answering all questions compulsory...