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 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. O 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)

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 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. O 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)

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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6. Plotting the supply of labor In Providence, 120 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 30 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 30 25 20 15 10 5 0 0 + 30 60 90 120 150 180 210 LABOR (Number of workers) 240 270 300 Supply What is one explanation for why this labor supply curve is upward sloping? The opportunity cost of leisure increases as wages increase. O Unemployment benefits are steadily declining. Wages have to increase to accommodate union pressure. O Firms are willing to hire fewer pizza makers at a higher wage.
The price of haircut re e try rose significantly, but Anton decided he could get alone with the same number of workers (i.e. he did not raise his supply) What might happen as a result?
Consider 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 (?)
draw a graph with this difinitions To visualize the impact of the minimum wage on the labor market, I have created an original graph (see below). This graph depicts a hypothetical labor market before and after an increase in the minimum wage. [Please insert your original graph here.] In the graph, the x-axis represents the quantity of labor, and the y-axis represents the wage rate. The blue curve (labeled "Initial Equilibrium") represents the initial labor market equilibrium, where the supply of labor (S) intersects with the demand for labor (D) at point A, determining the initial wage rate and employment level. The red curve (labeled "After Minimum Wage Increase") illustrates the impact of a minimum wage hike. When the government imposes a higher minimum wage, it acts as a price floor (represented by the horizontal line). This results in a new equilibrium at point B, where the wage rate is higher, but employment is lower compared to the initial equilibrium.
The Blue-Steel Corporation supplies armored truck manufacturers with high-grade sheet metal panels that are used on the exterior of the vehicles. To make the panels, Blue-Steel uses two machines, which cost $15,000 each, and workers. These workers are available on the labor market for a salary of $55,000 each. The market price for one of Blue-Steel's metal sheet panel is $250 and the market is highly competitive. a. Based on the information provided, calculate the missing values for Table 1. a. What is the total fixed cost for Blue-Steel Corporation? Explain your calculation. b. What is the profit-maximizing number of workers Blue-Steel should hire? Explain your answer. c. What is the profit-maximizing output for Blue-Steel based on your calculations? d. Construct an X-Y Scatter chart using the Workers, Total Output, and MP-Labor column data. At what point does the diminishing returns effect set in?
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.
Angela has been working at a real wage rate of $25 per hour. Illustrate in a diagram how Bruno's decision to use more robots could affect Angela's future levels of real wage, utility, free time, and consumption. ●
The following graph shows the labor market for research assistants in the fictional country of Universalia. The equilibrium wage is $10 per hour, and the equilibrium number of research assistants is 250. Suppose the government has decided to institute a $4-per-hour payroll tax on research assistants and is trying to determine whether the tax should be levied on the employer, the workers, or both (such that half the tax is collected from each side). Use the graph input tool to evaluate these three proposals. Entering a number into the Tax Levied on Employers field (initially set at zero dollars per hour) shifts the demand curve down by the amount you enter, and entering a number into the Tax Levied on Workers field (initially set at zero dollars per hour) shifts the supply curve up by the amount you enter. To determine the before-tax wage for each tax proposal, adjust the amount in the Wage field until the quantity of labor supplied equals the quantity of labor demanded. You will not be…
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!
Only type writing allow....don't use pepar work .....
6. Plotting the supply of labor In San Diego, 135 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 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 cashiers on the following graph. 50 45 Supply 40 35 30 20 10 0 45 90 135 180 225 270 315 360 405 450 LABOR (Number of workers) What is one explanation for why this labor supply curve is upward sloping? O Labor production functions exhibit diminishing marginal returns. O The opportunity cost of leisure increases as wages increase. O People prefer to spend time doing leisure activities rather than working. O Wages have to increase to accommodate union pressure. WAGE (Dollars per hour) 15 25
i need help with this question, i keep getting it wrong. it is a macroneconics question 10. it requires filling in the boxes.