In Orlando, 135 people are willing to spend an hour working as yoga instructors for an hourly wage of $20. For each additional $5 that the wageincreases 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 yoga instructors on the following graph.?504540R8WAGE (Dollars per hour)882015105004590135 150 225 270 315 300 405 450LABOR (Number of workers)-0SupplyWhat is one explanation for why this labor supply curve is upward sloping?Unemployment benefits are steadily declining.O People prefer to spend time doing leisure activities rather than working.Firms are willing to hire fewer yoga instructors at a higher wage.The opportunity cost of leisure increases as wages increase.4

In Orlando, 135 people are willing to spend an hour working as yoga instructors 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 yoga instructors on the following graph. WAGE (Dolars per hour) 50 45 40 35 30 25 15 10 5 0 45 90 135 180 225 270 315 300 405 450 LABOR (Number of workers) Supply What is one explanation for why this labor supply curve is upward sloping? Unemployment benefits are steadily declining. O People prefer to spend time doing leisure activities rather than working. O Firms are willing to hire fewer yoga instructors at a higher wage. The opportunity cost of leisure increases as wages increase.

In Orlando, 135 people are willing to spend an hour working as yoga instructors 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 yoga instructors on the following graph. WAGE (Dolars per hour) 50 45 40 35 30 25 15 10 5 0 45 90 135 180 225 270 315 300 405 450 LABOR (Number of workers) Supply What is one explanation for why this labor supply curve is upward sloping? Unemployment benefits are steadily declining. O People prefer to spend time doing leisure activities rather than working. O Firms are willing to hire fewer yoga instructors at a higher wage. The opportunity cost of leisure increases as wages increase.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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