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The equilibrium wage of an assistant professor in music is 5 and the equilibrium quantity is assistant professors in music. On the other hand, the equilibrium wage of an assistant professor in biology is S and the equilibrium quantity is assistant professors in biology. 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 $72,000 and $108,000, respectively. University Assistant Music Professors Assistant Biology Professors Wage (Dollars) Quantity Quantity Demanded Shortage or Surplus Quantity Demanded Quantity Supplied Shortage or Surplus Supplied 72,000 108,000 In summary, if the university sets a wage of $72,000 for all assistant professors in every department, which is equivalent to a price ceiling for biology professors, there will be assistant biology professors hired by the university than there would be if the university paid assistant biology professors their equilibrium wage. Similarly, if the university sets a wage of $108,000 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

The equilibrium wage of an assistant professor in music is 5 and the equilibrium quantity is assistant professors in music. On the other hand, the equilibrium wage of an assistant professor in biology is S and the equilibrium quantity is assistant professors in biology. 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 $72,000 and $108,000, respectively. University Assistant Music Professors Assistant Biology Professors Wage (Dollars) Quantity Quantity Demanded Shortage or Surplus Quantity Demanded Quantity Supplied Shortage or Surplus Supplied 72,000 108,000 In summary, if the university sets a wage of $72,000 for all assistant professors in every department, which is equivalent to a price ceiling for biology professors, there will be assistant biology professors hired by the university than there would be if the university paid assistant biology professors their equilibrium wage. Similarly, if the university sets a wage of $108,000 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
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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20. Should all professors be paid the same? The graphs here show the supply of and demand for assistant professors in music (left) and in biology (right) for a hypothetical university. Use the graphs to help you answer the following questions. Market for Assistant Music Professors Market for Assistant Biology Professors 120 Demand 100 Demand 100 142 3 144 84 126 72 108 60 30 48 72 54 Supply 36 Supply 10 0 05 10 15 20 25 30 35 40 45 50 QUANTITY (Assistant music professors) 0412 14 20 24 28 32 36 40 QUANTITY (Assistant biology professors) The equilibrium wage of an assistant professor in music is S , and the equilibrium quantity is assistant professors in music. On and the equilibrium quantity is assistant the other hand, the equilibrium wage of an assistant professor in biology is S professors in biology. 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 $72,000 and $108,000, respectively. University Assistant Music Professors Wage. (Dollars) Quantity Quantity Supplied Shortage or Surplus Quantity Demanded Assistant Biology Professors Quantity Supplied Demanded Shortage or Surplus 72,000 106,000 In summary, if the university sets a wage of $72,000 for all assistant professors in every department, which is equivalent to a price ceiling for biology professors, there will be assistant biology professors hired by the university than there would be if the university paid assistant biology professors their equilibrium wage. Similarly, if the university sets a wage of $108,000 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. x 24 12 E
Transcribed Image Text:20. Should all professors be paid the same? The graphs here show the supply of and demand for assistant professors in music (left) and in biology (right) for a hypothetical university. Use the graphs to help you answer the following questions. Market for Assistant Music Professors Market for Assistant Biology Professors 120 Demand 100 Demand 100 142 3 144 84 126 72 108 60 30 48 72 54 Supply 36 Supply 10 0 05 10 15 20 25 30 35 40 45 50 QUANTITY (Assistant music professors) 0412 14 20 24 28 32 36 40 QUANTITY (Assistant biology professors) The equilibrium wage of an assistant professor in music is S , and the equilibrium quantity is assistant professors in music. On and the equilibrium quantity is assistant the other hand, the equilibrium wage of an assistant professor in biology is S professors in biology. 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 $72,000 and $108,000, respectively. University Assistant Music Professors Wage. (Dollars) Quantity Quantity Supplied Shortage or Surplus Quantity Demanded Assistant Biology Professors Quantity Supplied Demanded Shortage or Surplus 72,000 106,000 In summary, if the university sets a wage of $72,000 for all assistant professors in every department, which is equivalent to a price ceiling for biology professors, there will be assistant biology professors hired by the university than there would be if the university paid assistant biology professors their equilibrium wage. Similarly, if the university sets a wage of $108,000 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. x 24 12 E
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