The graph illustrates the hiring market for crane operators in the state of Florida. A workers' union has successfully petitioned the government to impose a minimum wage of W1 for crane operators. If the government lowers the minimum wage to W2, then Wage supply Rate Wi W2 demand Number of Crane Operators Image created by Steven Sproles for Virtual Virginia, 2020. O Employment of crane operators will decrease because firms will be less willing to hire more workers at the new wage O Employment of crane operators will decrease because fewer crane operators will be willing to work at the new wage O Employment of crane operators will increase because more crane operators will be willing to work at the new wage Employment of crane operators will remain unchanged O Employment of crane operators will increase because firms will hire more workers at the new wage

The graph illustrates the hiring market for crane operators in the state of Florida. A workers' union has successfully petitioned the government to impose a minimum wage of W1 for crane operators. If the government lowers the minimum wage to W2, then Wage supply Rate Wi W2 demand Number of Crane Operators Image created by Steven Sproles for Virtual Virginia, 2020. O Employment of crane operators will decrease because firms will be less willing to hire more workers at the new wage O Employment of crane operators will decrease because fewer crane operators will be willing to work at the new wage O Employment of crane operators will increase because more crane operators will be willing to work at the new wage Employment of crane operators will remain unchanged O Employment of crane operators will increase because firms will hire more workers at the new 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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Below tables shows the data on labor market of Drivers in Muscat city of Oman. Wage rate Monthly in OMR Quantity Demanded Quantity Supplied 200 4500 2000 250 4000 2700 300 3700 3100 350 3400 3400 400 3300 3800 500 3200 4100 a) Suppose that the minimum wage of drivers’ in the market is above the equilibrium wage. By using the demand and supply diagram of the drivers’ market, show the equilibrium wage, the number of employed workers, number of unemployed workers. Also show the total wage payments to drivers. b) Now suppose that the labor secretary is considering a raise in the minimum wage. Explain briefly what would be the effect on unemployment and employment? c) Let’s assume that the demand for drivers was inelastic, what would you propose to increase the minimum wage or lower total wage payments to drivers? Explain briefly why d) Suppose the labor secretary revise the minimum wage at 300 OMR, how do you see this decision?
At the current starting salary of $18,000 per year, the number of new business school graduates demanded is 100,000 a year and the number supplied is 120,000. Based on this information, you can conclude that Select one: O a. there's a shortage of new business school graduates in the market. O b. the equilibrium wage of business school graduates is more than $18,000 per year. the equilibrium wage of business school graduates is less than $18,000 per year. O d. the labor market for new business school graduates is in equilibrium.
The table below describes labor supply and labor demand schedules. Labor supply 400 workers 500 workers 600 workers 700 workers 800 workers 900 workers 1,000 workers Wage $15 $16 $17 $18 $19 $20 $21 Suppose a minimum wage is set at $20. Calculate the surplus labor supply at that wage. Type your answer... P @N 3 $ ਧੰ O m J % 5 I 6 A 7 W * 00 8 P Labor demand 1,000 workers 900 workers 800 workers 700 workers 600 workers 500 workers 400 workers 9 O
Walmart, the country's largest retailer by revenue, has long been known for paying its truck drivers more than the industry average. Which of the following best explains how Walmart benefits from paying truck drivers high wages? O If drivers continue to work for Walmart the company will spend less on hiring and training re-placement drivers. O Walmart can pass on the cost of higher wages by charging customers higher prices. O Higher wage costs reduce Walmart's tax liability O Walmart can now spend less on advertising.
Only type writing allow....don't use pepar work .....
Table 14.10 shows levels of employment (Labor), the marginal product at each of those levels, and the price at which the firm can sell output in the perfectly competitive market where it operates. a. What is the value of the marginal product at each level of labor?b. If the firm operates in a perfectly competitive labor market where the going market wage is $12, what is thefirm’s profit maximizing level of employment?
Name some factors that can cause a shift in the demand curve in labor markets.
WAGES (Dollars perteacher) Suppose that the states pass a law that prohibits home schooling and requires that all children attend public schools. Assume home- schooled children were being taught by parents who would not become public school teachers as a result of the new legislation. The following graph depicts the labor market for public school teachers. The market for public school teachers is perfectly competitive. Adjust the graph to show the effect of this legislation on the market for public school teachers. Note: Select and drag one of the curves to the desired position. Curves will snap into position, so if you try to move a curve and it snaps back to its original position, just drag it a little farther. The wages for teachers will QUANTITY (Teachers) Supply Demand Demand Supply ? and the quantity of teachers in the classroom will
The table below shows the quantity demanded and supplied in the labor market for nurses in the town of Neverland, where all nurses belong to a union. Quantity Quantity Wages per Hour Demanded of Workers Supplied of Workers $20 12,000 6,000 $25 10,000 7,000 $30 8,000 8,000 $35 6,000 9,000 $40 4,000 10,000 $45 2,000 11,000 Based on the table above, answer the following: a) What would the equilibrium wage and equilibrium quantity of workers be in this market if no union existed? JUSTIFY your answer! b) Assume that the union has enough negotiating power to raise the wage to $10 per hour higher than it would otherwise be. Is there now excess demand or excess supply of workers? JUSTIFY your answer!
Table 14.12 shows the quantity demanded and supplied in the labor market for driving city buses in the town ofUnionville, where all the bus drivers belong to a union. a. What would the equilibrium wage and quantity be in this market if no union existed?b. Assume that the union has enough negotiating power to raise the wage to $4 per hour higher than it wouldotherwise be. Is there now excess demand or excess supply of labor?
1. Assume the quantity of envelopes licked per hour by Sticky Gums, Inc., is where L is the number of laborers hired per hour by the firm. Assume further that the envelope licking business is perfectly competitive with a market price of 1 cent per envelope. A. How much labor would be hired at a competitive wage of $10? What about $5? $2? Use these results to sketch a demand curve for labor. B. Assume that Sticky Gums hires its labor at an hourly wage of $10 what quantity of envelopes will be licked when the price of a licked envelope is 2 cents? What about 5 cents? 10 cents? Use your results to sketch a supply curve for licked envelopes.
Question 1 Candice's' Cookies is a new cookie delivery company in Gainesville, Florida. The firm hires local college students to sell cookies door-to-door in higher income neighborhoods. Each of these "Sales Associates" sells cookies, which increases Candice's Cookies' total revenue, but must be paid an hourly wage. The graph below depicts Candice's Cookies' demand for labor curve when the retail price of a cookie is $2. $35 Hourly Wage C. 3 cookies D. 4 cookies E. 5 cookies $30 $25 $20 $15 $10 $5 6 8 10 12 14 Number of Sales Associates Part (i): Suppose that the retail price of a cookie is $2.50. What is the marginal product of the 4th Sales Associate? A. 1 cookie B. 2 cookies Part (ii): Suppose that the retail price of a cookie is $2.50. What is the marginal product of the 6th Sales Associate? A. 1 cookie B. 2 cookies C. 3 cookies D. 4 cookies E. 5 cookies Part (iii): Suppose that the retail price of a cookie is $2.50. What is the marginal product of the 8th Sales Associate? A. 1…