QUESTION 4 You are given the following data of a labor market for an imaginary economy? Quantity Supplied 6,000 Quantity Demanded 10,000 Hourly Wages $8 $10 9,000 7,000 $12 8,000 8,000 $13 7,000 9,000 $15 6,000 10,000 Assume that the government of this economy imposed a minimum wage of $10. As a result O 9,000 people will be employed. O 8,000 people will be employed. O 2,000 people will be unemployed. zero people will be unemployed.

QUESTION 4 You are given the following data of a labor market for an imaginary economy? Quantity Supplied 6,000 Quantity Demanded 10,000 Hourly Wages $8 $10 9,000 7,000 $12 8,000 8,000 $13 7,000 9,000 $15 6,000 10,000 Assume that the government of this economy imposed a minimum wage of $10. As a result O 9,000 people will be employed. O 8,000 people will be employed. O 2,000 people will be unemployed. zero people will be unemployed.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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00 LO %24 WAGE 7. Shifts in labor supply Assume that the consulting and information technology industries employ people with similar skills. Suppose an increase in the demand for computer analysts leads to a rise in their wages, while the demand for consultants remains the same. The following graph shows the labor market for consultants in the United States. Show the effect of the rise in demand for computer analysts on the U.S. labor market for consultants by shifting the labor demand curve, the labor supply curve, or both. Supply Demand Supply Demand LABOR MacBook Pro * > %23 3. 4. R. A S K ב B.
7. In Australia the (w) is 10 Australian dollars (AUD) per worker per hour, and the rental price of capital (r) is 2 AUD per machine per hour. Then the wage in units of machines-defined as the amount of machines that could be bought with one hour's wage-is calculated a. by the formula w xr and is equal to 20 machines b. by the formula w/r and is equal to 5 machines c. by the formula w +r and is equal to 12 machines d. by the formula w -r and is equal to 8 machines
10 units. OD. 18 units. One of the following factors shifts the labor demand curve upward (increase labor demand)? Select one: t of O A. Price of outputs good increases (labor is used to make this output). O B. Decrease in workers coming into Kuwait. O C. Increase in workers coming into Kuwait. O D. Price of output good decreases (labor is used to make this output). A shift in labor supply is caused by Select one:
D2)
Figure 3.4 Market A Market B S. 18- 12--- 12 D. Quantity (hours) Quantity (hours) Assume that Figure 3.4 represents the markets for comparably skilled and educated economists and coal miners. If there are more coal miners, identify which market represents each profession. What is the economists' wage? What is the coal miners' wage? O $15: $15 O $18: $12 O $18; $18 O $12: $18 Wage
5. Consider a perfectly competitive labor market in which a binding minimum wage is imposed. For this market, let ED represent the elasticity of labor demand and ES represent the elasticity of labor supply. In which of the following situations will the minimum wage be most beneficial to workers? O ED 1/2 and ES = 1/2 OED-1 and ES = 2 OED-2 and ES = 1 O ED=-3 and ES=1/4 ED=-4 and ES=4
Figure 3.2 Si 15 S2 10 5. D2 Di 20 30 40 Quantity of Labor In Figure 3.2, assume that we have labor market demand and supply curves of D2 and S1, respectively. What is the equilibrium wage and employment level? O $15; 30 workers O 5; 30 workers $5; 20 workers O $10; 40 workers Wage Rate ($ per day)
21.
Figure 3.2 Wage Rate ($ per day) 15 5. 0 20 Quantity of Labor O $15; 30 workers 5; 30 workers S₁ $5; 20 workers O $10; 40 workers D₁ 40 In Figure 3.2, assume that we have labor market demand and supply curves of D₂ and S₁, respectively. What is the equilibrium wage and employment level? S₂ D₂
O a. 1 O b. 2 O c. 3 O d. 4 Table 18-2 Labor Output (Number of workers) (Bracelets per week) 0 1 2 3 4 5 Refer to Table 18-2. The table shows the number of bracelets that can be assembled per week by various numbers of workers. If the price per bracelet in a perfectly competitive product market is $8, how many workers would the firm employ if the weekly wage rate is $800? 0 200 360 480 560 600
What do you call the man-made resources used in the production of goods and services? O a. Land O b. Enterprise O c. Capital O d. Labor In order for a price floor to be effective, it must be set the equilibrium price, while a price ceiling must be set the equilibrium price. O a. above; below O b. below; below O c. above; above O d. below; above