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Explain how the changes in wages can affect equilibrium.
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- 11. Describe what happens to quantity of labor supplied when wages are at the equilibrium level, above equilibrium, and below equilibrium.Suppose you run a business that specializes in producing graphic T-shirts, using labor as an input. Hourly wage ($) 24 22 8 Wage ($) 26 24- 22- Based on the table above, graph the labor supply and labor demand curves and identify the market equilibrium wage and quantity using the graph below. 20- Instructions: Use the line tools provided (Supply and Demand) to plot the labor supply and labor demand lines for wages of $8 and $24 (2 points per line). Use the point tool provided (E) to indicate market equilibrium wage and quantity. 18- 16- 14- 12- 10- A- 2 0 Quantity demanded 0 0 50 100 150 200 250 300 100 350 400 200 300 Quantity supplied 600 550 500 450 400 350 300 400 Hours worked reset 250 200 500 600 Supply Demand EConsider Blewitt's Farm, a small blueberry grower relative to the size of the market whose production has no impact on wages and prices. The following table presents Blewitt's production schedule for blueberries: Labor Output (Number of workers) (Pounds of blueberries) 0 WAGE (Dollars per worker) 300 270 240 210 Suppose that the market wage for blueberry pickers is $200 per worker per day, and the price of blueberries is $13 per pound. 180 On the following graph, use the blue points (circle symbol) to plot Blewitt's labor demand curve when the output price is $13 per pound. Note: Remember to plot each point between the two integers. For example, when the number of workers increases from 0 to 1, the value of the marginal product of for the first worker should be plotted with a horizontal coordinate of 0.5, the value halfway between 0 and 1. Line segments will automatically connect the points. 150 120 60 1 30 2 3 4 0 5 0 20 38 54 68 80 O Demand P = $13 Demand P = $15 (?)
- Question The graph below represents the labor market for dog trainers. What is the equilibrium quantity of dog trainers? Wage PE = $16 Labor Market for Dog Trainers QE = 900 D QuantityExplain what happens to Pe and Qe when supply increases and when supply falls.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.
- You are given a scenario where this a change in a factor of production or a change in demand for an item. You need to explain in sentence form how this would change demand for labor. You own a sports equipment manufacturing firm. You were just informed rent at your warehouse space would double.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. Graph Input Tool Market for Labor in the Fast Food Industry 20 I Wage (Dollars per hour) 18 10 Supply 16 Labor Demanded (Thousands of workers) Labor Supplied (Thousands of workers) 400 400 14 12 10 Demand 80 160 240 320 400 480 560 640 720 800 LABOR (Thousands of workers) WAGE (Dolars per hour)In New York City, 150 people are willing to work an hour as cashiers if the wage is $20 per hour. For each additional $5 that the wage rises above $20, an additional 50 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 cashiers on the following graph. 50 45 Supply 40 35 30 25 15 10 5 50 100 150 200 250 300 350 400 450 500 LABOR (Number of workers) What is one explanation for why this labor supply curve is upward sloping? O People prefer to spend time doing leisure activities rather than working. The opportunity cost of leisure decreases as wages decrease. O Labor production functions exhibit diminishing marginal returns. O wages have to increase to accommodate union pressure. WAGE (Dollars per hour) O O O
- 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) 0Which of the following is not correct? In a labor market, the wage adjusts to balance the supply and demand for labor. A profit-maximizing firm hires workers so long as the wage rate exceeds the value of the marginal product of labor. Any event that changes the supply or demand for labor must change the equilibrium wage. Any event that changes the supply or demand for labor must change the value of the marginal product.The graph below depicts equilibrium in the labor market for yoga instructors. Yoga has become increasingly popular as an alternative, or even a complement, to other forms of exercise, such as working out in a gym or running. Suppose that medical research shows that practicing yoga three times a week greatly increases the cardiovascular health of senior citizens. This increases the demand for yoga classes and studios, which in turn leads to an increase in price for yoga. How will this impact the labor market for yoga instructors? Illustrate on the graph below by shifting a curve or curves.
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