← President Trump introduced several policy measures designed to curb immigration. Use a supply-and-demand diagram to illustrate the effect of such policies on wages and employment if the policies shift the labor supply curve to the left but have no effect on the labor demand curve. Consider the labor market illustrated in the figure. 1.) Using the line drawing tool, graph a new labor supply curve. Label this curve 'S². 2.) Using the point drawing tool, indicate the new market equilibrium wage and employment level. Label this point 'e2.' Carefully follow the instructions above, and only draw the required objects. wage, $ per hour Σ L, quantity of workers D1 ST

← President Trump introduced several policy measures designed to curb immigration. Use a supply-and-demand diagram to illustrate the effect of such policies on wages and employment if the policies shift the labor supply curve to the left but have no effect on the labor demand curve. Consider the labor market illustrated in the figure. 1.) Using the line drawing tool, graph a new labor supply curve. Label this curve 'S². 2.) Using the point drawing tool, indicate the new market equilibrium wage and employment level. Label this point 'e2.' Carefully follow the instructions above, and only draw the required objects. wage, $ per hour Σ L, quantity of workers D1 ST

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter4: Labor And Financial Markets

Section: Chapter Questions

Problem 29P: Predict how each of the following events will raise or lower the equilibrium wage and quantity of...

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E1 3. [Employment and Unemployment] Suppose a country has a working-age population of 500people. The demand and supply functions of its labor market are:w=300-0.5L w=60+0.1Lwhere w is the wage, L is the quantity of labor. The labor market has search friction so thatthose that are looking for a job may not immediately find one even when there are openings.Specifically, Assume the number of job matches (i.e. employment) is given by: 0.8L(a) Find the equilibrium wage and the actual number of employed people. Calculate thelabor force participation rate and unemployment rate. (b) The COVID-19 pandemic lowers the labor demand, and the new labor demand becomesw=240-0.5L. Assume that the wage can adjust quickly, find the equilibrium wage and theactual number of employed people during the pandemic. (c) Briefly explain in words, and with a specific example of each, the difference betweenstructural and frictional unemployment.
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full answer to question c and e
If equilibrium wage is $10 and current wage is 9$, then we expect to have more wokers than jobs and thus we should decrease wages less workers than jobs and thus we should increase wages more wokers than jobs and thus we should increase wage less wokers than jobs and thus we should decrease wages None of the above
A government passes a family-friendly law that no companies can have evening, nighttime, or weekend hours, so that everyone can be home with their families during these times. Analyze the effect of this law using a demand and supply diagram for the labor market: first assuming that wages are flexible, and then assuming that wages are sticky downward.
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The diagram below shows the labor supply and demand curves for the firm JT Minn., who makes sofas. Suppose there is consumers interest in this product is increasing. Shift the appropriate curve in the correct direction to reflect the impact of this event on equilibrium in the labor market. Wage ($) (2400,$27) Labor Supply Labor Demand # of Workers
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please help me 1, 2 and 3
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