$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?
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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? %
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