The graph illustrates a labor market in which there is a minimum wage of $5 an hour Draw shapes that represent the following 1) firms' surplus. Label it FS 2) workers' surplus. Label it WS 3) deadweight los's Label it DWL 4) the potential loss from job search Label it Loss >>> A label can be repositioned by clicking on the edge of the label box and dragging it onto the shape Wage rate (dollars per hour) 7- 6 FS Minimum wage 3- o+ 18 19 (18,2) 20 21 22 23 24 25 Quantity (millions of hours per year)

The graph illustrates a labor market in which there is a minimum wage of $5 an hour Draw shapes that represent the following 1) firms' surplus. Label it FS 2) workers' surplus. Label it WS 3) deadweight los's Label it DWL 4) the potential loss from job search Label it Loss >>> A label can be repositioned by clicking on the edge of the label box and dragging it onto the shape Wage rate (dollars per hour) 7- 6 FS Minimum wage 3- o+ 18 19 (18,2) 20 21 22 23 24 25 Quantity (millions of hours per year)

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Using an appropriate illustration explain the impact of the minimum wage in the labour market
The graph illustrates a labor market in which there is a minimum wage of $5 an hour. Draw shapes that represent the following: 1) firms' surplus. Label it FS. 2) workers' surplus. Label it WS. 3) deadweight loss. Label it DWL. 4) the potential loss from job search. Label it Loss. >>> A label can be repositioned by clicking on the edge of the label box and dragging it onto the shape. Selected: none 8- 7- 6- 5- 4- 3- 2- 1- Wage rate (dollars per hour) 18 19 4 A Delete Clear 23 24 20 21 Quantity (millions of hours per year) >>> Draw only the objects specified in the question. S ? Minimum wage D 25 SOU Next ME
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