In Houston, 150 people are willing to work an hour as cashiers if the wage is $20 per hour. Foreach additional $5 that the wage rises above $20, an additional 50 people are willing to work anhour.For wages of $20, $25, $30, $35, and $40 per hour, plot the daily labor supply curve for cashierson the following graph.50Supply402010180 190 20 190 300 190 40 490 saoLABOR (Number of workers)What is one explanation for why this labor supply curve is upward sloping?Wages have to increase to accommodate union pressure.Labor production functions exhibit diminishing marginal returns.o Unemployment benefits are steadily declining.o The opportunity cost of leisure decreases as wages decrease.(noy od sog aowm

in Houston 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 .

Business

Economics

In Houston, 150 people are willing to work an hour as cashiers if the wage is $20 per ha each additional $5 that the wage rises above $20, an additional 50 people are willing to hour. For wacOs of 20 and C40por hour glot the daiy sborcuuoply c po fo

In Houston, 150 people are willing to work an hour as cashiers if the wage is $20 per ha each additional $5 that the wage rises above $20, an additional 50 people are willing to hour. For wacOs of 20 and C40por hour glot the daiy sborcuuoply c po fo

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter4: Labor And Financial Markets

Section: Chapter Questions

Problem 15RQ: Name some factors that can cause a shift in the demand curve in labor markets.

See similar textbooks

Similar questions

What is die price commonly called in the labor market?
Other than the demand for labor, what would be another example of a 'derived demand?
Why are the factors that shift the demand for a product different from the factors that shift the demand for labor? Why are the factors that shift the supply of a product different from those that shift the supply of labor?
2 of 2 Book Print erences ic raw ill 430s workers S 10 20 30 40 5:07 / 5:07 The following table gives output for different numbers of workers for Shiny Sleeves, a producer of shirt varnish. Shiny Sleeve's wages are $10 per hour. For each level of workers, calculate Shiny Sleeve's total hourly wage cost. Instructions: Enter Marginal Product and Wage Cost in whole numbers and Marginal Cost rounded to two decimal places. For each jump between levels of workers and output, calculate Shiny Sleeve's Marginal Product and Marginal Cost. output/hour 50 100 140 170 Marginal Product LO 5 4 3 1x
Figure 18b This figure below shows the labor market for automobile workers. The curve labeled S is the labor supply curve, and the curves labeled D1 and D2 are the labor demand curves. On the horizontal axis, L represents the quantity of labor in the market. 0 S D₁ What is measured along the vertical axis on the graph? O a. the wage paid to automobile workers O b. time spent by workers producing automobiles O c. the quantity of automobiles produced O d. the price of automobiles L
In Akron, 150 people are willing to spend an hour working as yoga instructors for an hourly wage of $10. For each additional $5 that the wage increases above $10, an additional 50 people are willing to spend an hour working. For hourly wages of $10, $15, $20, $25, and $30, plot the daily labor supply curve for yoga instructors on the following graph. 50 45 40 35 & WAGE (Dollars per hour) 20 15 10 5 0 0 50 100 150 200 250 300 350 LABOR (Number of workers) 400 450 500 Supply What is one explanation for why this labor supply curve is upward sloping? Wages have to increase to accommodate union pressure. Unemployment benefits are steadily declining. The opportunity cost of leisure decreases as wages decrease. People prefer to spend time doing leisure activities rather than working. ?
Define marginal product of labor and value of the marginal product oflabor. • Describe how a competitive, profit-maximizing firm decides how many workersto hire.
Explain how the wage can adjust to balance thesupply and demand for labor while simultaneouslyequaling the value of the marginal product oflabor.
In Okennewick, 180 people are willing to spend an hour working as pizza makers 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 pizza makers on the following graph. WAGE (Dollars per hour) 50 45 40 35 25 20 15 10 5 0 0 45 + 90 135 180 225 270 315 LABOR (Number of workers) 360 405 450 Supply What is one explanation for why this labor supply curve is upward sloping? The opportunity cost of leisure increases as wages increase. Labor production functions exhibit diminishing marginal returns. Wages have to increase to accommodate union pressure. O Firms are willing to hire more pizza makers at a lower wage.
Graph the demand for labor as a function of the wage using this data. What happens to the number of workers when wage goes up? How many workers will be hired and how many cookies made at a wage of 40.50? Please give me the equations so I can understand how to create this graph.
The graph on the right shows a labor markel in equilibrium. The equilibrium wage is $10 per hour. At this wage, there are people who are not working, which is represented by the segment of the labor supply curve above the equilibrium wage Why are these people not working in this market? Labor supply curve O A. These people have decided not to work right now, regardless of the wage. O B. These people applied for employment at $10 per hour but were not hired by the firm. OC. These people are only willing to work for wages above the markel-clearing wage 10 O D. This represents those who are not yet 16 years of age and therefore not eligible to work Labor demand curve Quantity of labor
S Consider the following figure: WEI WH E₁₁ WL WF2 E DL A' T' When the wage continues to fall below WH, then O All adults, but no children, work O All adults work and just few families send their children to work O All adults work and more and more families send their children to work as the wage is decreasing rapidly O All adults and all children work