question 1 microeconmics **The Effects of Legislation on the Fast Food Market****Objective:**Show the effect of the legislation on the fast food market by shifting one or both of the curves.**Graph Explanation:****Title:**The Market for Fast Food**Axes:**- The vertical axis represents the Price of fast food.- The horizontal axis represents the Quantity of fast food.**Curves:**- **Demand Curve (Downward Sloping Line in Blue):** This curve illustrates the relationship between the price of fast food and the quantity demanded by consumers. As the price decreases, the quantity of fast food demanded increases.- **Supply Curve (Upward Sloping Line in Orange):** This curve shows the relationship between the price of fast food and the quantity supplied by producers. As the price increases, the quantity of fast food supplied increases.**Equilibrium Point:**- The intersection point of the Demand and Supply curves represents the market equilibrium. At this point, the quantity of fast food demanded equals the quantity of fast food supplied.- Dashed black lines extend from the equilibrium point to the Price and Quantity axes, indicating the equilibrium price and quantity, respectively.**Sliders:**- **Demand (Above the two sliders on the right side):** This slider enables adjusting the demand curve.- **Supply (Below the Demand slider on the right side):** This slider enables adjusting the supply curve.**Instructions:**To understand the impact of legislation on the fast food market, utilize the sliders to shift either the demand curve, the supply curve, or both curves. This adjustment will simulate how changes in policies, regulations, or other factors can affect the market equilibrium for fast food. Analyze the new equilibrium points to understand the changes in price and quantity in the market.To delve deeper into this concept, consider adding context such as:- A decrease in demand due to health regulations or campaigns persuading consumers to avoid fast food.- An increase in supply resulting from technological advancements allowing faster production of fast food.- Policy impacts such as taxes, subsidies, or regulations altering either demand or supply patterns in the fast food market.By manipulating and observing these variables, you can better understand the dynamic shifts in market equilibrium resulting from legislative actions. ### 1. The Link Between Resource and Product MarketsThe following content illustrates the labor market in the fast food industry, which mostly comprises high school and college students within a hypothetical economy. Suppose the government enacts a labor law prohibiting employers from hiring students. Assume this new legislation does not influence the students' decision to stay in school._Instruction:_ Assuming all other factors remain unchanged, demonstrate the effects of this legislation on the labor market for the fast food sector by adjusting one or both of the curves in the subsequent graph.#### Graph Explanation**Graph Title:** Labor Market in the Fast Food Industry**Axes:**- **Vertical Axis (Y-Axis):** Wage Rate- **Horizontal Axis (X-Axis):** Employment in Fast Food Industry**Curves:**- **Demand Curve (blue):** Downward-sloping, indicating the relationship between wage rates and the quantity of labor demanded.- **Supply Curve (orange):** Upward-sloping, indicating the relationship between wage rates and the quantity of labor supplied.**Equilibrium:**- The point where the demand and supply curves intersect signifies the equilibrium wage rate and employment level.A dashed line marks the equilibrium point, highlighting where the demand for labor equals the supply of labor.---The subsequent graph would present the initial demand and supply for fast food in this economy prior to the previously identified changes in the labor market.---This comprehensive explanation provides clarity on the initial labor market conditions and prepares users to understand the impact of legislative changes in the fast food industry's labor market.

The demand curve for labour, under the ceteris paribus assumption, shows the amount of labor…

The following graph represents the labor market in the fast food industry, which consists mainly of high school and college students in a hypothetical economy. Suppose the government decides to impose a labor law that forbids employers from hiring students. Assume that this new legislation has no impact on the desire of students to remain in school. Assuming all other things are constant, show the effect of this legislation on the labor market for the fast food industry by shifting one or both of the curves in the following graph. Labor Market in the Fast Food Industry Supply Demand Supply Demand EMPLOYMENT IN FAST FOOD INDUSTRY The following graph shows the initial demand for and supply of fast food in this economy before the previously identified changes in the labor market. WAGE RATE

The following graph represents the labor market in the fast food industry, which consists mainly of high school and college students in a hypothetical economy. Suppose the government decides to impose a labor law that forbids employers from hiring students. Assume that this new legislation has no impact on the desire of students to remain in school. Assuming all other things are constant, show the effect of this legislation on the labor market for the fast food industry by shifting one or both of the curves in the following graph. Labor Market in the Fast Food Industry Supply Demand Supply Demand EMPLOYMENT IN FAST FOOD INDUSTRY The following graph shows the initial demand for and supply of fast food in this economy before the previously identified changes in the labor market. WAGE RATE

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

question 1 microeconmics

**The Effects of Legislation on the Fast Food Market**

**Objective:**
Show the effect of the legislation on the fast food market by shifting one or both of the curves.

**Graph Explanation:**

**Title:**
The Market for Fast Food

**Axes:**
- The vertical axis represents the Price of fast food.
- The horizontal axis represents the Quantity of fast food.

**Curves:**
- **Demand Curve (Downward Sloping Line in Blue):** This curve illustrates the relationship between the price of fast food and the quantity demanded by consumers. As the price decreases, the quantity of fast food demanded increases.
- **Supply Curve (Upward Sloping Line in Orange):** This curve shows the relationship between the price of fast food and the quantity supplied by producers. As the price increases, the quantity of fast food supplied increases.

**Equilibrium Point:**
- The intersection point of the Demand and Supply curves represents the market equilibrium. At this point, the quantity of fast food demanded equals the quantity of fast food supplied.
- Dashed black lines extend from the equilibrium point to the Price and Quantity axes, indicating the equilibrium price and quantity, respectively.

**Sliders:**
- **Demand (Above the two sliders on the right side):** This slider enables adjusting the demand curve.
- **Supply (Below the Demand slider on the right side):** This slider enables adjusting the supply curve.

**Instructions:**
To understand the impact of legislation on the fast food market, utilize the sliders to shift either the demand curve, the supply curve, or both curves. This adjustment will simulate how changes in policies, regulations, or other factors can affect the market equilibrium for fast food. Analyze the new equilibrium points to understand the changes in price and quantity in the market.

To delve deeper into this concept, consider adding context such as:
- A decrease in demand due to health regulations or campaigns persuading consumers to avoid fast food.
- An increase in supply resulting from technological advancements allowing faster production of fast food.
- Policy impacts such as taxes, subsidies, or regulations altering either demand or supply patterns in the fast food market.

By manipulating and observing these variables, you can better understand the dynamic shifts in market equilibrium resulting from legislative actions.

### 1. The Link Between Resource and Product Markets

The following content illustrates the labor market in the fast food industry, which mostly comprises high school and college students within a hypothetical economy. Suppose the government enacts a labor law prohibiting employers from hiring students. Assume this new legislation does not influence the students' decision to stay in school.

_Instruction:_ Assuming all other factors remain unchanged, demonstrate the effects of this legislation on the labor market for the fast food sector by adjusting one or both of the curves in the subsequent graph.

#### Graph Explanation

**Graph Title:** Labor Market in the Fast Food Industry

**Axes:**
- **Vertical Axis (Y-Axis):** Wage Rate
- **Horizontal Axis (X-Axis):** Employment in Fast Food Industry

**Curves:**
- **Demand Curve (blue):** Downward-sloping, indicating the relationship between wage rates and the quantity of labor demanded.
- **Supply Curve (orange):** Upward-sloping, indicating the relationship between wage rates and the quantity of labor supplied.

**Equilibrium:**
- The point where the demand and supply curves intersect signifies the equilibrium wage rate and employment level.

A dashed line marks the equilibrium point, highlighting where the demand for labor equals the supply of labor.

---

The subsequent graph would present the initial demand and supply for fast food in this economy prior to the previously identified changes in the labor market.

---

This comprehensive explanation provides clarity on the initial labor market conditions and prepares users to understand the impact of legislative changes in the fast food industry's labor market.

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