question 5 macro econ ### Understanding Market Equilibrium and Minimum WageIn this market, the equilibrium hourly wage is $ \underline{\hspace{2cm}} $ dollars, and the equilibrium quantity of labor is $ \underline{\hspace{2cm}} $ workers. (*Hint: Enter the quantity of labor in thousands. For example, enter 100,000 for 100 thousands of workers.*)Suppose a senator introduces a bill to legislate a minimum hourly wage of $6. This type of price control is called a $ \underline{\hspace{2cm}} $.For each of the wages listed in the following table, determine the quantity of labor demanded, the quantity of labor supplied, and the direction of pressure exerted on wages in the absence of any price controls.| Wage (Dollars per hour) | Labor Demanded (Thousands of workers) | Labor Supplied (Thousands of workers) | Pressure on Wages ||--------------------------|--------------------------------------|--------------------------------------|-----------------------------|| 8 | $ \underline{\hspace{2cm}} $ | $ \underline{\hspace{2cm}} $ | $ \underline{\hspace{2cm}} $ || 12 | $ \underline{\hspace{2cm}} $ | $ \underline{\hspace{2cm}} $ | $ \underline{\hspace{2cm}} $ |A minimum wage below $10 per hour in this market will $ \underline{\hspace{2cm}} $.### Detailed explanation of the table and its components:1. **Wage (Dollars per hour)**: This column lists different hourly wages.2. **Labor Demanded (Thousands of workers)**: At each wage rate, it shows the number of workers that firms are willing to hire, expressed in thousands.3. **Labor Supplied (Thousands of workers)**: At each wage rate, it shows the number of workers willing to work, also expressed in thousands.4. **Pressure on Wages**: Indicates if there is upward or downward pressure on wages depending on the relationship between labor supply and demand. Understanding this relationship can help in analyzing the effects of introducing policies like minimum wage control on the labor market. **Minimum Wage Legislation**In this section, we will examine the effects of minimum wage legislation on the labor market in the fast-food industry within the fictional town of Supersize City.**Graph Overview**The graph illustrates the labor market dynamics for the fast-food industry, including the supply and demand for labor at various wage levels.**Axes:**- The horizontal axis (X-axis) represents the quantity of labor, measured in thousands of workers.- The vertical axis (Y-axis) represents the wage rate, measured in dollars per hour.**Curves:**- The orange line represents the labor supply curve, indicating the number of workers willing to work at each wage level.- The blue line represents the labor demand curve, indicating the number of workers that employers are willing to hire at each wage level.- A green horizontal line at the $6 per hour mark denotes the imposed minimum wage.**Intersection Point:**- The point where the supply and demand curves intersect represents the equilibrium wage rate (in this case, not highlighted but inferred from the curves intersecting around $8 per hour), where the quantity of labor supplied equals the quantity of labor demanded without any external wage controls.**Graph Input Tool:**You can interact with the graph using the input tool to explore changes in the market. The inputs include:- **Wage (Dollars per hour):** Currently set at $6.- **Labor Demanded (Thousands of workers):** Currently 406 workers at the imposed $6 wage.- **Labor Supplied (Thousands of workers):** Currently 210 workers at the imposed $6 wage.**Understanding the Impact of Minimum Wage:**At the imposed minimum wage of $6 per hour:- There is an excess supply of labor (i.e., unemployment) because more workers (406,000) are willing to work at this wage than there are jobs available (210,000).This graph is a useful visual tool for understanding how setting a minimum wage below or above the equilibrium wage impacts the labor market, typically resulting in surplus labor or unemployment when set above the equilibrium.

In the market, the equilibrium wage rate is the one at which quantity of labor demanded equals…

In this market, the equilibrium hourly wage is s and the equilibrium quantity of labor is workers. (Hint: Enter the quantity labor in thousands. For example, enter 100,000 for 100 thousands of workers.) Suppose a senator introduces a bill to legislate a minimum hourly wage of $6. This type of price control is called a For each of the wages listed in the following zable, dezermine the quantity of labor demanded, the quantity of labor supplied, and the direction of pressure exerted on wages in the absence of any price controls. Wage Labor Demanded Labor Supplied (Dollars per hour) (Thousands of workers) (Thousands of workers) Pressure on Wages 12 A minimum wage below $10 per hour in this market will

In this market, the equilibrium hourly wage is s and the equilibrium quantity of labor is workers. (Hint: Enter the quantity labor in thousands. For example, enter 100,000 for 100 thousands of workers.) Suppose a senator introduces a bill to legislate a minimum hourly wage of $6. This type of price control is called a For each of the wages listed in the following zable, dezermine the quantity of labor demanded, the quantity of labor supplied, and the direction of pressure exerted on wages in the absence of any price controls. Wage Labor Demanded Labor Supplied (Dollars per hour) (Thousands of workers) (Thousands of workers) Pressure on Wages 12 A minimum wage below $10 per hour in this market will

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

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