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lote: Once you enter a value in a white field, the graph and any corresponding amounts in each grey field will change accordingly. hour) 30 25 Supply Graph Input Tool Wage Rate (Dollars per hour) Quantity Demanded (Thousands of 15 36 Quantity Supplied (Thousands of workers) (?) 36

lote: Once you enter a value in a white field, the graph and any corresponding amounts in each grey field will change accordingly. hour) 30 25 Supply Graph Input Tool Wage Rate (Dollars per hour) Quantity Demanded (Thousands of 15 36 Quantity Supplied (Thousands of workers) (?) 36

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Sub : Economics
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Use the graph input tool to help you answer the following questions. You will not be graded on any changes you make to this graph. Note: Once you enter a value in a white field, the graph and any corresponding amounts in each grey field will change accordingly. WAGE RATE (Dollars per hour) 30 25 20 15 10 5 0 Supply 0 Demand 12 24 36 48 60 72 QUANTITY OF LABOR (Thousands of workers) Graph Input Tool Wage Rate (Dollars per hour) Quantity Demanded (Thousands of workers) Excess Supply (Thousands of workers) Demand Shifter Pro-union Advertising (Millions of dollars) The union's wage increase from $15 to $20 per hour causes an excess supply of thousands of workers.) 15 36 0 0 Quantity Supplied (Thousands of workers) Shortage (Thousands of workers) ? 36 0 workers. (Note: Be sure to enter your answer in Suppose that the union, in order to mitigate the unemployment caused by the wage increase, bolsters demand by rolling out a "Buy Union" advertising campaign. If the union spends $5 million on the campaign, the excess supply of labor will be workers. (Note: Be sure to enter your answer in thousands of workers.)
Transcribed Image Text:Use the graph input tool to help you answer the following questions. You will not be graded on any changes you make to this graph. Note: Once you enter a value in a white field, the graph and any corresponding amounts in each grey field will change accordingly. WAGE RATE (Dollars per hour) 30 25 20 15 10 5 0 Supply 0 Demand 12 24 36 48 60 72 QUANTITY OF LABOR (Thousands of workers) Graph Input Tool Wage Rate (Dollars per hour) Quantity Demanded (Thousands of workers) Excess Supply (Thousands of workers) Demand Shifter Pro-union Advertising (Millions of dollars) The union's wage increase from $15 to $20 per hour causes an excess supply of thousands of workers.) 15 36 0 0 Quantity Supplied (Thousands of workers) Shortage (Thousands of workers) ? 36 0 workers. (Note: Be sure to enter your answer in Suppose that the union, in order to mitigate the unemployment caused by the wage increase, bolsters demand by rolling out a "Buy Union" advertising campaign. If the union spends $5 million on the campaign, the excess supply of labor will be workers. (Note: Be sure to enter your answer in thousands of workers.)
3. Excess supply with union wages Consider the housing construction industry. Assume that the industry is perfectly competitive in both input and output markets. Suppose that, through collective bargaining, a labor union negotiates an industry-wide wage for various kinds of labor (electricians, plumbers, and so on). In particular, it succeeds in negotiating a wage increase for carpenters from $15 to $20 per hour. The following graph shows the labor demand of an individual firm. On the following graph, show what happens at the firm level as a result of the union negotiations. WAGE RATE 30 25 20 15 10 5 0 0 12 24 36 48 QUANTITY OF LABOR Supply Demand 60 72 Now consider the effects of the wage change on the entire industry. Demand Supply (?)
Transcribed Image Text:3. Excess supply with union wages Consider the housing construction industry. Assume that the industry is perfectly competitive in both input and output markets. Suppose that, through collective bargaining, a labor union negotiates an industry-wide wage for various kinds of labor (electricians, plumbers, and so on). In particular, it succeeds in negotiating a wage increase for carpenters from $15 to $20 per hour. The following graph shows the labor demand of an individual firm. On the following graph, show what happens at the firm level as a result of the union negotiations. WAGE RATE 30 25 20 15 10 5 0 0 12 24 36 48 QUANTITY OF LABOR Supply Demand 60 72 Now consider the effects of the wage change on the entire industry. Demand Supply (?)
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