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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Phil's Copy Studio pays its workers $60 per day and sells poster-size copies for $10 per print. Now suppose during the holiday season the price of poster-size copies increases to $12. What happens? The demand for labor decreases The demand for labor increases The quantity demanded of labor decreases but the demand for labor curte does not shift The quantity demanded of labor increases, but the demand for labor curve does not shift
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Solve it correctly please. I will rate accordingly with 3votes
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