The graph on the right shows a labor market in equilibrium The equilibrium wage is $10 per hour. At this wage, there are people who are not workıng, which is represented by the segment of the labor supply curve above the equilibrium wage Why are these people not workıng in this market? Labor O A. These people have decided not to work right now, regardless of the wage. supply curve O B. These people applied for employment at $10 per hour but were not hired by the firm OC. These people are only willing to work for wages above the markel-clearurig wage 10 OD. This represents those who are not yet 16 years of age and therefore not eligible to work Labor demand curve Quantity of labor

The graph on the right shows a labor market in equilibrium The equilibrium wage is $10 per hour. At this wage, there are people who are not workıng, which is represented by the segment of the labor supply curve above the equilibrium wage Why are these people not workıng in this market? Labor O A. These people have decided not to work right now, regardless of the wage. supply curve O B. These people applied for employment at $10 per hour but were not hired by the firm OC. These people are only willing to work for wages above the markel-clearurig wage 10 OD. This represents those who are not yet 16 years of age and therefore not eligible to work Labor demand curve Quantity of labor

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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29. Predict how each of the following events will raise or lower the equilibrium wage and quantity of oil workers in Texas. In each case, sketch a demand and supply diagram to illustrate your answer. a. The price of oil rises. b. New oil-drilling equipment is invented that is cheap and requires few workers to run. c. Several major companies that do not drill oil open factories in Texas, offering many well-paid jobs outside the oil industry. d. Government imposes costly new regulations to make oil-drilling a safer job.
6. Plotting the supply of labor In Providence, 120 people are willing to spend an hour working as pizza makers for an hourly wage of $20. For each additional $5 that the wage increases above $20, an additional 30 people are willing to spend an hour working. For hourly wages of $20, $25, $30, $35, and $40, plot the daily labor supply curve for pizza makers on the following graph. WAGE (Dollars per hour) 50 45 40 35 30 25 20 15 10 5 0 0 + 30 60 90 120 150 180 210 LABOR (Number of workers) 240 270 300 Supply What is one explanation for why this labor supply curve is upward sloping? The opportunity cost of leisure increases as wages increase. O Unemployment benefits are steadily declining. Wages have to increase to accommodate union pressure. O Firms are willing to hire fewer pizza makers at a higher wage.
4. A rise of the minimum wage is least likely to diminish welfare if:A. the minimum wage is close to the median wageB. unskilled labor is relatively abundantC. firms can easily alter the workforce compositionD. the demand for labor is inelastic, i.e. does not change much with the wage
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LO LL 50 45 40 20 15 WAGE (Dollars per hour) 6. Plotting the supply of labor In Philadelphia, 180 people are willing to work an hour as hostesses if the wage is $20 per hour. For each additional $5 that the wage rises above $20, an additional 45 people are willing to work an hour. For wages of $20, $25, $30, $35, and $40 per hour, plot the daily labor supply curve for hostesses on the following graph. Supply 35 25 5. 06 135 180 225 270 315 405 450 LABOR (Number of workers) What is one explanation for why this labor supply curve is upward sloping? MacBook Pro #3 24 2. 4. R M B. N
Figure 3.4 Market A Market B S. 18- 12--- 12 D. Quantity (hours) Quantity (hours) Assume that Figure 3.4 represents the markets for comparably skilled and educated economists and coal miners. If there are more coal miners, identify which market represents each profession. What is the economists' wage? What is the coal miners' wage? O $15: $15 O $18: $12 O $18; $18 O $12: $18 Wage
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.
2, a. Given the supply and demand for labor services, where wage is the price of labor services, explain the impact of a minimum wage above the equilibrium wage on employment. Draw a graph to illustrate this and explain the graph in words.
QUESTION 3 A determinant of the demand for labor is the: O a. quantity of labor supplied. b. price of labor. c. price of the product made with the labor. d. marginal cost of hiring labor. QUESTION 4 A lower wage: a. has an income effect but not a substitution effect on the quantity of labor supplied. b. means a higher income for any given level of labor supplied. c. has an income effect which is always negative with respect to the quantity of labor supplied. d. has an income effect which is always positive with respect to the quantity of labor supplied.
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