Suppose the university sets the same wage for all assistant professors in each department. Fill in the following table with the quantity demanded and supplied for each type of assistant professor when the university sets the wage to $60,000 and $90,000, respectively. University Wage Assistant Music Professors Assistant Engineering Professors (Dollars) Quantity Quantity Shortage or Quantity Quantity Shortage or Demanded Supplied Surplus Demanded Supplied Surplus 60,000 20 20 Neither 90,000 5 16 16 Neither In summary, if the university sets a wage of $60,000 for all assistant professors in every department, which is equivalent to a price ceiling for engineering professors, there will be more v assistant engineering professors hired by the university than there would be if the university paid assistant engineering professors their equilibrium wage. Similarly, if the university sets a wage of $90,000 for all assistant professors in every department, which is equivalent to a price floor for music professors, there will be assistant music professors hired by the university than there would be if the university paid assistant music professors their equilibrium wage.

Suppose the university sets the same wage for all assistant professors in each department. Fill in the following table with the quantity demanded and supplied for each type of assistant professor when the university sets the wage to $60,000 and $90,000, respectively. University Wage Assistant Music Professors Assistant Engineering Professors (Dollars) Quantity Quantity Shortage or Quantity Quantity Shortage or Demanded Supplied Surplus Demanded Supplied Surplus 60,000 20 20 Neither 90,000 5 16 16 Neither In summary, if the university sets a wage of $60,000 for all assistant professors in every department, which is equivalent to a price ceiling for engineering professors, there will be more v assistant engineering professors hired by the university than there would be if the university paid assistant engineering professors their equilibrium wage. Similarly, if the university sets a wage of $90,000 for all assistant professors in every department, which is equivalent to a price floor for music professors, there will be assistant music professors hired by the university than there would be if the university paid assistant music professors their equilibrium wage.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

Suppose the university sets the same wage for all assistant professors in each department. Fill in the following table with the quantity demanded and
supplied for each type of assistant professor when the university sets the wage to $60,000 and $90,000, respectively.
University
Wage
Assistant Music Professors
Assistant Engineering Professors
(Dollars)
Quantity
Quantity
Shortage or
Quantity
Quantity
Shortage or
Demanded
Supplied
Surplus
Demanded
Supplied
Surplus
60,000
20
20
Neither
90,000
5
16
16
Neither
In summary, if the university sets a wage of $60,000 for all assistant professors in every department, which is equivalent to a price ceiling for
engineering professors, there will be
more v assistant engineering professors hired by the university than there would be if the university
paid assistant engineering professors their equilibrium wage. Similarly, if the university sets a wage of $90,000 for all assistant professors in every
department, which is equivalent to a price floor for music professors, there will be
assistant music professors hired by the
university than there would be if the university paid assistant music professors their equilibrium wage.

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