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- If the wage rate is above the equilibrium wage rate, the quantity of labor demanded is the quantity of labor supplied. O A. less than O B. equal to OC. greater than O D. the negative of O E. not comparable toLO 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. NSince 1960, the earnings gap between men and women in the U.S. labor market has O steadily risen. O been completely eliminated. O continued to narrow. O increased throughout the 1970s.
- Consider a perfectly competitive labor market in which the demand for labor isgiven by E = 48,000 – (2,000/3)W, and the supply of labor is given by E = -8,000+ 1,000W. In these equations, E is the number of employee-hours per day, and Wis the hourly wage.a. What is the equilibrium number of employee-hours each day?b. Compute the employer surplus and the workers surplusc. Suppose the government imposes a minimum wage of $24 per hour. Whatwill be the resulting number of employee-hours after the imposition of thisminimum wage?d. What is the number of employee-hours per day hired and the number ofemployeese. Based on the question © Compute the employer surplus and the workerssurplusf. Compute the dead weight loss in this labor market with minimum wageProblem VIf 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? %Which of the following events would cause a rightward shift in the demand for labour? O A. A decrease in the wage rate. O B. A decrease in the price of capital which causes the substitution effect to outweigh the scale effect for labour. O C. None of the listed options O D. A decrease in the demand for a product.
- Describe wage determination in a labor market in which workers are unorganized and many firms actively compete for the serVices of labor. a. Given the competitive market for labor shown In the diagram on the left, indicate the equilibrium wage rate and the equilibrium quantity of workers hired by the firm. Instructions: (1) Use the tool provided 'A' to identify the quantity of labor hired by the firm and the wage rate paid. (2) Use the three- point shading tool 'Nonlabor' to identify the nonlabor costs. (3) Use the four-point shading tool 'Wage cost' to identify the wage costs to the firm. A Single Competitive Firm 50 Тools Competitive Labor Market 40 50 A Nonlabor 30 40 Wage cost 20 30 10 20 D = MRP D = MRP 10 10 20 30 40 50 Quantity of labor Quantity of labor Wage rate (dollars) Wage rate (dollars)Suppose a firm's labor demand equation is Ld=50-4(w), and the labor supply equation that it faces is L, -14 + 4(w), where w is the wage per hour worked. The government imposes a minimum wage that is 25% above equilibrium wage. As a result there will be O an increase in unemployment by 26. a decrease in unemployment by 10. an increase in unemployment by 16. a decrease in unemployment by 12. O no change in unemploymentAt the current starting salary of $18,000 per year, the number of new business school graduates demanded is 100,000 a year and the number supplied is 120,000. Based on this information, you can conclude that Select one: O a. there's a shortage of new business school graduates in the market. O b. the equilibrium wage of business school graduates is more than $18,000 per year. the equilibrium wage of business school graduates is less than $18,000 per year. O d. the labor market for new business school graduates is in equilibrium.
- don't use Al bot or chat GPT otherwise downvote.correct answer will get instant upvoteOnly type writing allow....don't use pepar work .....What causes the labor supply curve sometimes to bend backward at higher wages? O It can be harder to get a high wage job. O An employee may want to work less if wages are higher. O An employer may not be willing to hire as many workers at higher wages. An employee may want to work more days at higher wages. O An employer might allow fewer breaks at higher wages.