The graph on the right shows the demand and supply curves in the market for workers in Starbucks coffee shops (called "baristas"). Assume that Starbucks baristas are unwilling to accept a wage lower than $10 per hour, causing the wage to be fixed at that level. Suppose that, due to concerns about the high number of calories in many Starbucks drinks, the demand for Starbucks products declines. Use a graph to explain what will happen to employment in the market for baristas? 1.) Using the line drawing tool, plot either a new labor supply or labor demand curve that would result from the decline in Starbucks sales. Label your line appropriately. 2.) Using the point drawing tool, plot a point that illustrates the new quantity of labor supplied when the wage rate is fixed at $10 per hour. Label your point 'A.' 3.) Using the point drawing tool, plot a point that illustrates the new quantity of labor demanded when the wage rate is fixed at $10 per hour. Label your point 'B.' Carefully follow the instructions above and only draw the required objects. C Wage 20- 18- 16- 14- 12- 10- 6- 4- 2- 0- 0 2 4 6 8 Quantity of labor 10 12 14 So Do 16 18 20

The graph on the right shows the demand and supply curves in the market for workers in Starbucks coffee shops (called "baristas"). Assume that Starbucks baristas are unwilling to accept a wage lower than $10 per hour, causing the wage to be fixed at that level. Suppose that, due to concerns about the high number of calories in many Starbucks drinks, the demand for Starbucks products declines. Use a graph to explain what will happen to employment in the market for baristas? 1.) Using the line drawing tool, plot either a new labor supply or labor demand curve that would result from the decline in Starbucks sales. Label your line appropriately. 2.) Using the point drawing tool, plot a point that illustrates the new quantity of labor supplied when the wage rate is fixed at $10 per hour. Label your point 'A.' 3.) Using the point drawing tool, plot a point that illustrates the new quantity of labor demanded when the wage rate is fixed at $10 per hour. Label your point 'B.' Carefully follow the instructions above and only draw the required objects. C Wage 20- 18- 16- 14- 12- 10- 6- 4- 2- 0- 0 2 4 6 8 Quantity of labor 10 12 14 So Do 16 18 20

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

How do you solve for quanitty demanded and quantity supplied in this scenario

The graph on the right shows the demand and supply curves in the market for
workers in Starbucks coffee shops (called "baristas"). Assume that Starbucks
baristas are unwilling to accept a wage lower than $10 per hour, causing the wage
to be fixed at that level.
Suppose that, due to concerns about the high number of calories in many
Starbucks drinks, the demand for Starbucks products declines.
Use a graph to explain what will happen to employment in the market for baristas?
1.) Using the line drawing tool, plot either a new labor supply or labor demand
curve that would result from the decline in Starbucks sales. Label your line
appropriately.
2.) Using the point drawing tool, plot a point that illustrates the new quantity of
labor supplied when the wage rate is fixed at $10 per hour. Label your point 'A.'
3.) Using the point drawing tool, plot a point that illustrates the new quantity of
labor demanded when the wage rate is fixed at $10 per hour. Label your point 'B.'
Carefully follow the instructions above and only draw the required objects.
C
Wage
20-
18-
16-
14-
12-
10-
8-
6-
4-
2-
0-
0
2
4
6
8
10 12
Quantity of labor
14
So
Do
16
18 20

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