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. 7- 6- 5- 4- 3- 2- 1- of Wage rate (dollars per hour) 18 DWL 19 4 S Minimum wage D 20 21 22 23 24 Quantity (millions of hours per year) >>> Draw only the objects specified in the question. 25

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. 7- 6- 5- 4- 3- 2- 1- of Wage rate (dollars per hour) 18 DWL 19 4 S Minimum wage D 20 21 22 23 24 Quantity (millions of hours per year) >>> Draw only the objects specified in the question. 25

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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↓ 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 Wage rate (dollars per hour) FS 3- 0+ 18 19 (18,2) Minimum wage D 24 25 21 22 23 20 Quantity (millions of hours per year) a G