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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