The graph below represents the low-wage labor market demand curve for a U.S. city; there is also a line (MinWg) showing a $12 hourly minimum wage ordinance recently enacted by the city. Using the straight-line tool, choose two of the points shown to draw the supply curve for which the new ordinance would actually make a difference in how much workers earn. To refer to the graphing tutorial for this question type, please click here. Wage ($ per hour) 24 22.5 21 19.5 18 16.5 15 13.5 12 10.5 9 7.5 6 4.5 3 ● 1.5 ● 11 OF 13 QUESTIONS COMPLETED 10 ← O MinWg 4 4 VIEW SOLUTION < 13/13 > 00 AREN 4430S FAQ MacBook Air SUBMIT ANSWER lauriat THE COU 111000 Earth sting

The graph below represents the low-wage labor market demand curve for a U.S. city; there is also a line (MinWg) showing a $12 hourly minimum wage ordinance recently enacted by the city. Using the straight-line tool, choose two of the points shown to draw the supply curve for which the new ordinance would actually make a difference in how much workers earn. To refer to the graphing tutorial for this question type, please click here. Wage ($ per hour) 24 22.5 21 19.5 18 16.5 15 13.5 12 10.5 9 7.5 6 4.5 3 ● 1.5 ● 11 OF 13 QUESTIONS COMPLETED 10 ← O MinWg 4 4 VIEW SOLUTION < 13/13 > 00 AREN 4430S FAQ MacBook Air SUBMIT ANSWER lauriat THE COU 111000 Earth sting

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Darla gets her utility from consumption C and leisure L. The most leisure she can consume in any given week is 110 hours. Her utility function is U(C, L) = C x L. This implies that Darla’s marginal rate of substitution is C / L Darla receives $750 each week from her grandparents–regardless of how much she works. What is Darla’s reservation wage?
Suppose the supply curve of lab assistants is given by w = 8 + 6E, while the demand curve is given by w = 40 – 2E. (Assume is in 000s of persons and w is the annual salary in thousands of dollars). Calculate the equilibrium wage and employment level.
Explain and graphically illustrate what happens to the equilibrium wage (of nurses) and equilibrium quantity of labor (nurses) in California if the following two events occur: CA regulation reduces the number of patients per nurse from 5 to 3 AND CA hospitals offer more affordable childcare options for their employees (including nurses). Expert Answer.
Consider Special City that manufactures light fixtures that are sold around the world. Draw their base case Labor Market graph. Now assume there is a national shortage of glass that Special City manufacturers use to create their light fixtures. Show what would be the effect on your Labor Market graph. Lastly, assume the manufacturers change their manufacturing process to use less glass but inadvertently create a very noticeable increase in the smog levels that makes it hard to breathe. Show another variation to reflect the change in your labor market graph, be sure to indicate the effects of the changes on for each of these market changes or combine the graphs, just be sure the changes and new equilibria are legible:
A supply curve of work hours can be backward-bending beyond some wage rate. Examples of backward-bending labor supply curves exist in academics and professional athletics. Once university (or college) professors attain tenure, their productivity (in some cases) tends to decline. The diminished productivity appears to reflect fewer hours being devoted to research. Michael Jordan (who was making over $40 million per year in salary and endorsements) quit professional basketball in 1993 to spend more time with his family, play golf, and try out for a major league baseball team. Under what circumstances will a labor supply curve bend backwards? Show this result in a labor-leisure choice diagram. Is leisure normal, inferior, or neither when the labor supply curve bends backward as the wage rate rises? Please identify the income and substitution effects of a reduction in work hours at higher pay.
How many employees should Martin's farm employ? How many employees should Martin's farm employ if the price he received per gallon of milk rose to $2.50?
Please refer to the images below and then answer the question. Refer to 'Pay in the Military'. How has the military responded to a shortage of skilled military personnel in the past? (Show any two steps being taken).
The following graph shows the labor market in the fast-food industry in the fictional town of Supersize City. Use the graph input tool to help you answer the following questions. You will not be graded on any changes you make to this graph. Note: Once you enter a value in a white field, the graph and any corresponding amounts in each grey field will change accordingly. WAGE (Dollars per hour) 20 18 16 14 2 0 0 Supply Demand 50 100 150 200 250 300 350 400 450 500 LABOR (Thousands of workers) Graph Input Tool Market for Labor in the Fast Food Industry Wage (Dollars per hour) Labor Demanded (Thousands of workers) 6 500 Labor Supplied (Thousands of workers) 0
Need help with this. Thanks! Kyoko currently earns a_________(nominal or real) wage of $12.00 per hour; in other words, the amount of her paycheck each week is $12.00 per hour times the number of hours she works. Suppose the price of milk is $2.50 per gallon; in this case, Kyoko's_________(nominal or real) wage, in terms of the amount of milk she can buy with her paycheck, is__________ gallons of milk per hour. When workers and firms negotiate compensation packages, they have expectations about the price level (and changes in the price level) and agree on a_______(nominal or real) wage with those expectations in mind. If the price level turns out to be higher than expected, a worker's________(nominal or real) wage is_______(higher or lower) than both the worker and employer expected when they agreed to the wage. Kyoko and her employer both expected inflation to be 4% between 2012 and 2013, so they agreed, in a two-year contract, that she would earn $12.00 per hour in 2012 and…
ECON 122: Short Writing Assignment #3 Suppose there are two different labor markets, A and B, each with identical demand for labor curves. If the Supply curves are also identical, draw a graph of each labor market in the space below: Now, assume that Market A's working conditions - for some reason - become much harsher than that for Market B (perhaps they are more dangerous or unhealthy). Illustrate how this development would impact your graph(s) above. What impact would this have on the wages in Market A relative to Market B? How about on total employment in each market? Why?
In Orlando, 135 people are willing to spend an hour working as yoga instructors for an hourly wage of $20. For each additional $5 that the wage increases above $20, an additional 45 people are willing to spend an hour working. For hourly wages of $20, $25, $30, $35, and $40, plot the daily labor supply curve for yoga instructors on the following graph. ? 50 45 40 R 8 WAGE (Dollars per hour) 88 20 15 10 5 0 0 45 90 135 150 225 270 315 300 405 450 LABOR (Number of workers) -0 Supply What is one explanation for why this labor supply curve is upward sloping? Unemployment benefits are steadily declining. O People prefer to spend time doing leisure activities rather than working. Firms are willing to hire fewer yoga instructors at a higher wage. The opportunity cost of leisure increases as wages increase. 4
How would I analyze how the equilibrium wage and number of working hours will change when a company has a great demand for workers (i.e. grocery stores now) yet some current workers don't want to work as many hours? How would I explain the three cases that would depend on the relative size of change in labor demand and labor supply? For example. Case 1. Change in supply(∆LS)| = |Change in Demand(∆LD )| . Case 2: |∆LS| > |∆LD| . Case 3: |∆LS| < |∆LD| I'm trying to understand how the equilibrium wage and number of working hours will change under these different scenarios. Thanks