(Figure: Minimum Wage) Refer to the figure. At a minimum wage of $8, firms are willing to hire workers. Figure: Minimum Wage Wage $8 6 b d 3 25 35 45 S D Quantity of labor
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- 7. What is most likely to occur if wages decrease from point Wes to a point below Wu? Use the graphic below. Oa) Families will continue as if nothing has occurred Ob) Families will feel constrained to send the children they already have to work (despite their age) c) Families will have more children without sending existing children to work Od) None of the above4. Minimum wage legislation Part 3 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.$30 a week boost to minimum wage The government increased the minimum wage by $30 a week to $570 a week. Unions wanted a $35 a week increase, but employers argued that a $35 a week increase was unaffordable. Source: ABC Australia, February 11, 2011 The graph shows a market for low-skilled labor. If the minimum wage is set at $570 a week, If the minimum wage is set at $540 a week, O A. everyone who wants a job has one; firms cannot hire all the labor they want OB. firms cannot hire all the labor they want; everyone who wants a job has one OC. everyone who wants a job has one; some people who want a job can't get one OD. some people who want a job can't get one; everyone who wants a job has one M 590- 580- 570- 560- 550- 540- 530- 520- 510- 9.8 Wage rate (dollars per week) D S 9.9 10 10.1 10.2 Quantity (millions of hours per year) O J Next
- a) Refer to the above diagram determine the number of unemployed, if thegovernment imposes a minimum wage of $8? (Show on the graph!) b) Discuss the result of a decrease in minimum wage that kept it above theequilibrium wage.Figure: Minimum Wage Wage 0 0 25 35 10 $8 20 9 Quantity of labor How many workers are unemployed at a minimum wage of $8? B b 25 35 451. Economic rent The following graph shows a competitive labor market. 50 40 40 WAGE RATE (Dollars per hour) 20 30 30 10 0 2 4 Labor Supply Labor Demand Labor Supply Economic Rent Labor Demand 6 8 10 QUANTITY OF LABOR (Billions of hours) Opportunity Cost (?) Based on the graph, the total amount paid to workers in this market (that is, total labor earnings) is On the graph, use the green triangle (triangle symbols) to shade the portion of labor earnings that consists of economic rent. Then, use the purple quadrilateral (diamond symbols) to shade the portion of labor earnings that consists of opportunity cost.
- Economics: Labor Economics Question: Native labor demand and supply are given by the following functions: w = 19 - 0.001ED and w = 10 + 0.0005ES Show your work a.What is the native employment in equilibrium? [a] b.What is the native equilibrium [b] Suppose that 2,000 immigrants that are perfectly substitutes for native workers now enter the market and their labor supply is perfectly inelastic. c.How many natives will be employed after the immigrants enter (round to the nearest whole number)? [c] d.What is the equilibrium wage for all workers in this market after the immigrants enter (round to the hundredth of a dollar)? [d] Thank you for your support and help Education Agent!2, a. Given the supply and demand for labor services, where wage is the price of labor services, explain the impact of a minimum wage above the equilibrium wage on employment. Draw a graph to illustrate this and explain the graph in words.(Figure: Labor Market) Refer to the labor market shown here. A minimum wage of $18 per hour is introduced. The implementation of the minimum wage leads to a _____ of _____ workers.
- Dollars per Hour 6. Historical Perspective a. Analyze Visual 2: Historical Minimum Wage Data. . What trends do you observe in the minimum wage over time? • Why do you think the government has increased the minimum wage over time? FRED-Federal Minimum Wage Rate under the Federal Fair Labor Standards Act 1 1970 1975 Shaded areas indicate U.S. recessions. 1980 1985 1990 1905 2000 2005 2010 2015 O Source: U.S. Department of Labor fred.sticuisted.orgWage Rate $8.00 $5.50 0 250 350 450 Quantity of Labor (in thousands) O $5.50 and 200,000. Sd Assumptions: (1) Employers in this market are willing and able to ignore minimum wage laws; (2) Sd represents the supply of domestic-born (and legal immigrant) workers; (3) St represents the total supply of workers in this labor market (Sd plus illegal immigrants); and (4) unless otherwise stated, illegal immigration is not effectively blocked by the government. O $5.50 and 250,000. St The equilibrium wage and number of illegal immigrants working are, respectively, O $8.00 and 350,000. D O $5.50 and 450,000.12
