i need help , i keep getting it wrOing and this is my last chancemIcroeconmics question 5 ### Labor Market in the Fast-Food IndustryThe following graph illustrates the labor market in the fast-food industry in the fictional town of Supersize City.#### Instructions for UseUse the graph input tool to help you answer the following questions. Don’t worry; 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.#### Graph Input Tool**Market for Labor in the Fast-Food Industry**- **Wage (Dollars per hour)**: 6 - **Labor Demanded (Thousands of workers)**: 630 - **Labor Supplied (Thousands of workers)**: 0#### Graph ExplanationThe graph displays a downward-sloping demand curve and an upward-sloping supply curve for labor in the fast-food industry. The x-axis represents the quantity of labor, measured in thousands of workers, and the y-axis represents the wage rate, measured in dollars per hour.1. **Demand Curve (Green)**: Indicates the quantity of labor demanded by employers at different wage rates.2. **Supply Curve (Orange)**: Indicates the quantity of labor supplied by workers at different wage rates.3. **Equilibrium Point**: The intersection of the supply and demand curves, where the quantity of labor demanded equals the quantity supplied.#### Analyzing EquilibriumIn this market, the equilibrium hourly wage is $_____, and the equilibrium quantity of labor is _____ workers.(Hint: Enter the quantity of labor in thousands. For example, enter 100,000 for 100 thousand workers.)#### Policy ImplicationSuppose a senator introduces a bill to legislate a minimum hourly wage of $6. This type of price control is called a __________.#### Graph DataFrom the graph:- If the wage is set at $6 per hour, labor demanded is 630 thousand workers, however, labor supplied is 0 thousand workers. This discrepancy can be used to analyze the effects of a minimum wage in this market. ### Minimum Wage Legislation and Market EffectsSuppose a senator introduces a bill to legislate a minimum hourly wage of $6. This type of price control is called a **minimum wage**.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 | | | || 12 | | | |A minimum wage above $10 per hour in this market will **create a labor surplus**.

According to the Law of Demand and Supply more quantities of a commodity is demanded and less is…

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 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 Labor Demanded Labor Supplied (Dollars per hour) (Thousands of workers) (Thousands of workers) Pressure on Wages 12 A minimum vwage above $10 per hour in this market will

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 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 Labor Demanded Labor Supplied (Dollars per hour) (Thousands of workers) (Thousands of workers) Pressure on Wages 12 A minimum vwage above $10 per hour in this market will

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

ChapterA: The Use Of Mathematics In Principles Of Economics

Section: Chapter Questions

Problem 3RQ: Exercise A3 What dome slices of a pie chart represent?

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you and a friend decide to run a three mile race. If you agree to run together, you keep up with himfor the first mile, but you overexert yourself and run the last two miles at slower paces on your own. Tomake up for lost time, your friend runs the last two miles at a faster pace. Your mile times are 6:30, 7:00,and 7:30. Your friend’s times are 6:30, 6:00, and 6:00. If you both agree to run on your own, you run aconstant pace of 7:05 while your friend runs at a constant pace of 6:05. If you want to run together butyour friend wants to run solo, he runs his constant pace of 6:05. You, on the other hand, want to showhim that you can run faster, but you end up overexerting yourself after the first mile. You run times of6:20, 7:05, and 7:30. If he wants to run together but you do not, you both run at your pace of 7:05. Thissituation can be turned into an economic game, with the payoffs the overall race times. You each wantto run the fastest time you possibly can.(a) Who are the players in…
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