LO LL 50 45 40 20 15 WAGE (Dollars per hour) 6. Plotting the supply of labor In Philadelphia, 180 people are willing to work an hour as hostesses if the wage is $20 per hour. For each additional $5 that the wage rises above $20, an additional 45 people are willing to work an hour. For wages of $20, $25, $30, $35, and $40 per hour, plot the daily labor supply curve for hostesses on the following graph. Supply 35 25 5. 06 135 180 225 270 315 405 450 LABOR (Number of workers) What is one explanation for why this labor supply curve is upward sloping? MacBook Pro #3 24 2. 4. R M B. N 20 10 WAGE (Dollars per hour) Homework (Ch 18) 45 Supply 40 35 30 25 15 5. + 06 135 LABOR (Number of workers) 45 180 225 270 315 09 405 450 What is one explanation for why this labor supply curve is upward sloping? Labor production functions exhibit diminishing marginal returns. The opportunity cost of leisure increases as wages increase. Firms are willing to hire fewer hostesses at a higher wage. Wages have to increase to accommodate union pressure.

LO LL 50 45 40 20 15 WAGE (Dollars per hour) 6. Plotting the supply of labor In Philadelphia, 180 people are willing to work an hour as hostesses if the wage is $20 per hour. For each additional $5 that the wage rises above $20, an additional 45 people are willing to work an hour. For wages of $20, $25, $30, $35, and $40 per hour, plot the daily labor supply curve for hostesses on the following graph. Supply 35 25 5. 06 135 180 225 270 315 405 450 LABOR (Number of workers) What is one explanation for why this labor supply curve is upward sloping? MacBook Pro #3 24 2. 4. R M B. N 20 10 WAGE (Dollars per hour) Homework (Ch 18) 45 Supply 40 35 30 25 15 5. + 06 135 LABOR (Number of workers) 45 180 225 270 315 09 405 450 What is one explanation for why this labor supply curve is upward sloping? Labor production functions exhibit diminishing marginal returns. The opportunity cost of leisure increases as wages increase. Firms are willing to hire fewer hostesses at a higher wage. Wages have to increase to accommodate union pressure.

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

Fill in the blanks: Workers Employed 0 1 2 3 4 Quantity Produced 0 15 25 33 39 Output Price ($) 10 10 10 10 10 Refer to the above table for a profit-maximizing, competitive firm. If the prevailing wage is $100, then the firm will hire worker(s).
Look at the graph below. Labor demand falls from D0 to D1 due to an economic recession. What is the resulting wage in the short-run due to this shift in demand? HINT: Consider whether this is a situation in which the wages are sticky or flexible. Wage Rate 40 35 30 25 20 15 10 5 0 5 10 15 20 25 30 Quantity of Labor D1 35 40 DO
Read the "Clear it Up: Do Profit Maximizing Employers Exploit Labor" Do Profit Maximizing Employers Exploit Labor? (Source: OER) If you look back at the labor dynamics of supply and demand, you will see that only the firm pays the last worker it hires what they’re worth to the firm. Every other worker brings in more revenue than the firm pays him or her. This has sometimes led to the claim that employers exploit workers because they do not pay workers what they are worth. Let’s think about this claim. The first worker is worth $x to the firm, and the second worker is worth $y, but why are they worth that much? It is because of the capital and technology with which they work. The difference between workers’ worth and their compensation goes to pay for the capital, technology, without which the workers wouldn’t have a job. The difference also goes to the employer’s profit, without which the firm would close and workers wouldn’t have a job. The firm may be earning excessive profits,…
Consider a small, remote town with only one employer - a pulp and paper mill. Suppose there are currently 600 workers, each of whom is paid $5000 per month. In order to attract one additional worker, the employer must increase all workers' wage to $5100 per month. What is the marginal cost to the firm of hiring the additional worker? Show transcribed image text . Consider a small, remote town with only one employer - a pulp and paper mill. Suppose there are currently 600 workers, each of whom is paid $5000 per month. In order to attract one additional worker, the employer must increase all workers' wage to $5100 per month. What is the marginal cost to the firm of hiring the additional worker?
Question 52 Which of the following does not cause the labor demand curve to shift? Group of answer choices Changes in the wage rate Changes in the price of the firm’s good or service Increases in technology Increases in the firm’s capital
What is the principle strategy of an inclusive (industrial) union in order to increase the wages of its members?
Macmillan Learning. Since the 1970s the number of jobs in manufacturing has decreased in the United States, while the number of service industry jobs have risen substantially. What possible effect did this change have on union membership in the United States? Union membership decreased because most unions were in manufacturing. Union membership increased because more jobs became available. There was no effect on union membership since total number of jobs was unchanged. O No option is correct.
help please answer in text form with proper workings and explanation for each and every part and steps with concept and introduction no AI no copy paste remember answer must be in proper format with all working
The table below shows the quantity demanded and supplied in the labor market for nurses in the town of Neverland, where all nurses belong to a union. Quantity Quantity Wages per Hour Demanded of Workers Supplied of Workers $20 12,000 6,000 $25 10,000 7,000 $30 8,000 8,000 $35 6,000 9,000 $40 4,000 10,000 $45 2,000 11,000 Based on the table above, answer the following: a) What would the equilibrium wage and equilibrium quantity of workers be in this market if no union existed? JUSTIFY your answer! b) Assume that the union has enough negotiating power to raise the wage to $10 per hour higher than it would otherwise be. Is there now excess demand or excess supply of workers? JUSTIFY your answer!
A firm is thinking of hiring an additional worker. The additional worker will increase output by 100 units per week. The cost of hiring her is $1,500 per week. Each unit sells for $12. Which of the following are correct? The marginal revenue of hiring the worker is $1200 and the marginal cost of hiring the worker is $1500. The worker should be hired. The worker should not be hired. All but B.