The market equilibrium wage is currently $12 per hour among hairdressers. At that wage, 17,323 hairdressers are currently employed in the state. The state legislature then sets a minimum wage of $11.50 per hour for hairdressers. If there are no changes to either the demand or supply for hairdressers when that minimum wage is imposed, the number of hairdressers employed in the state will be:                                                          a. Fewer than 17,323.      b. Still 17,323.         c. More than 17,323.                   d. This is a bilateral monopsony so you can’t tell.

Q: ) Based on economic surplus, explain who gains and who loses in the case of the minimum wage and…

A: Economic Surplus refers to the total welfare, which is the sum of both the consumer surplus as well…

Q: The following graph shows the labor market for research assistants in the fictional country of…

A: Demand and supply are fundamental concepts in economics that describe the relationship between the…

Q: Explain the impact of Minimum wage laws on the labor supply, and provide statistical data for the…

A: The law of demand applies in labor markets thusly: A more significant payor wage-that is, a greater…

Q: Suppose this is the market of oil workers in Texas. Assume that coal is a substitute for oil. Draw a…

A: Substitute goods are that goods that can be used in place of one another. The demand of substitute…

Q: an increase in the minimum wage can be expected to cause:   1-surplus of labor 2-shortage of labor…

A: Minimum wage is the wage floor, wage can not fall below this level. It is binding when it is set…

Q: he table below shows the quantity demanded and supplied in the labor market for economics professors…

A: Equilibrium occurs when demand equates supply, At an annual salary of 75,000, the number of workers…

Q: The demand for mill worker hours is given by Qº = 1,000 – 70W, where W is the wage rate per worker…

A: QD = 1000 - 70W    (Labor demand equation) QS = 25W - 140       (Labor supply equation) At…

Q: show the effect on the labor market of a minimum wage set above the equilibrium wage rate.

A: Minimum wage is the lowest amount of money that employers can legally pay their workers per hour of…

Q: Do firms respond differently in the long run to a change in the minimum wage if minimum wage workers…

A: The minimum wage is the minimum amount, salary or wage which an employer must give to his workers.

Q: Suppose the market for ensaimada is described by the following equations.   Qd = 1000 -50P Qs  =…

A: Since we know that unemployment rate is defined as the total number of unemployed people as the…

Q: Use the diagram below which illustrates the imposition of a minimum wage W...in a perfectly…

A: Labor market is a place where employers demand labor and workers supply labor. The intersection of…

Q: The following table shows the number of hours per week supplied to a particular market by three…

A: The labour supply curve explains the relationship between the wage rate and the number of working…

Q: A company called Tramlaw has become the only employer in the local market for retail labor. The…

A: Here, "marginal value (extra profit before wages) of hiring an additional worker-hour" is the demand…

Q: Consider a low-wage labor market. The current minimum wage is $12 per hour. Employment at this wage…

A: Answer - Need to find-

Q: Draw a labor market for un-skilled labor assuming demand is perfectly inelastic. 8b. Insert a…

A: Perfectly inelastic for the unskilled labor demand  would be estimated to be vertical.  It is…

Q: The mayor of Small| Town thinks that the current market wage of $10 per hour is too low and is…

A: The above given situation is the one where there the government has imposed some sort of policy…

Q: Please discuss the pros and cons of the minimum wage

A: The minimum wage is a policy that sets a legal floor on the hourly wage rate that employers can pay…

Q: The equilibrium wage and quantity are W*=10 and Q*=40. a. Consider a minimum wage of W=$8. What will…

A: Since you have asked specifically to solve sub-parts c to f, providing you with the same.  In a…

Q: If the marginal revenue brought by hiring a worker is at P450/day, and the minimum wage is P537/day,…

A: The firm will maximise profit at a point where marginal revenue is equal to the wage rate.

Q: Explain the impact of Minimum wage laws on the labor supply, including every important topic under…

A: Minimum wage is basically the lowest rate at which labor may be hired, as determined by collective…

Q: n Lexington, 150 people are willing to spend an hour working as personal trainers for an hourly wage…

A: Given  At a wage $15 per hour, the number of people willing to spend an hour of working =150 For…

Q: If the minimum wage increased in december 01,2019 from $ 15 to $17.50 . Illustrate this new minimum…

A: Minimum wage is the lowest wage that has to give for the labor. Generally, minimum wage is greater…

Q: The following graph shows the labor market for research assistants in the fictional country of…

A: Case 1: Entire tax is collected from workersThe market equilibrium wage rate is given to be $10 per…

Q: Suppose that in a competitive output market, firms hire labor from a competitive labor market (so…

A: Competitive equilibrium in the labor market occurs where quantity of labor demanded is equal to…

Q: In this market, the equilibrium wage is is Suppose the mayor of Combopolis introduces a legal…

A: Equilibrium is where demand curve intersects supply curve.  There will be upward pressure if the…

Q: Suppose the Thai market of unskilled labor is in equilibrium where the equilibrium wage and…

A: Governments regularly intervene in many industries in order to ensure that workers are paid at least…

Q: Say that the marginal revenue brought by hiring a worker is at P600/day, and the minimum wage is…

A: Given:Marginal revenue of hiring a labor=P600/dayMinimum wage=P537/day

Q: Empirical studies on the effects of minimum wage increases in contiguous states: Find negative…

A: A minimum wages permitted by law is the most reduced compensation that businesses can legitimately…

Q: Macmillan Learning Place the line segment in the hypothetical labor market in the graph to indicate…

A: Real wage rate is the earning of the individual's hourly, weekly or annual rate after adjusting for…

Q: #7

A: In a labor market, any wage rate above or below the equilibrium wage rate will lead to market…

Q: Provide a briefly explanation for the determination of wage. Support your explanation with and…

A: Since you have asked multiple questions, we will solve the first question for you. If you want any…

Q: a. Use the information in the table to graph the demand and supply curves for judicial law clerks.

A: Given,WageSuppliedDemanded241119261317281515301713321911Supply and demand, in economics, the…

Q: The following table shows the number of hours per week supplied to a particular market by three…

A: To calculate the total hours per week (QT) supplied to the market, we have to add Q1, Q2, and Q3 as…

Q: 20. Lochner and the minimum wage. This question involves the labor market for bakers in New York.…

A: VMPL is the value of marginal product which is the product of output price and marginal product of…

Q: How does an increase in the minimum wage impact small businesses in terms of employment rates and…

A: Minimum wage is defined as the minimum amount that an employer is required to pay the employee for…

Q: Given the following demand equation Qd = 100 - 15P + 20I - 10Pc + 20Ps where I is income and is…

A: The equilibrium price is the only price where the plans of consumers and the plans of producers…

Q: In this market, the equilibrium wage is $ per hour, and the equilibrium quantity of labor is Suppose…

A: An equilibrium wage refers to the prevailing market wage rate at which the demand for a certain type…

Q: Questions 3.1 Using a diagram, explain and illustrate the economic impact of this increase of 5.2%…

A: In this question, we are presented with a scenario involving the Australian minimum wage rate and…

Q: Molly owns a company that gives one-on-one skiing lessons. She is deciding how many ski instructors…

A: The marginal product of labour denotes the additional output that a firm is able to produce by…

Q: Figure 19-6 25.00 Demand Supply 22.50 20.00 17.50 15.00 12.50 10.00 7.50 5.00 2.50 10 20 30 40 50 60…

A: Minimum wage is defined as the lowest legally approved wage which can be paid by the employers to…

Q: The diagram below shows the supply and demand curves for some product somewhere. price per unit (P)…

A:

Q: The Blue-Steel Corporation supplies armored truck manufacturers with high-grade sheet metal panels…

A: Hi, thank you for the question. As per our Honor code, we are allowed to attempt the first three…

Q: Economic theory suggests that an increase in the minimum wage will prompt firms to hire fewer low…

A: The wage and the quantity of the labor would be determined by the labor demand and supply in the…

Q: In Tucson there are lots of bars and restaurants all of whom employ many workers. Wages for…

A: There are four kinds of market structures namely monopoly, oligopoly, monopolistic and perfect…

Q: 3. Minimum wage legislation The following graph shows the labor market in the fast-food industry in…

A: Here, the given graph shows the demand curve and supply curve of labor in the labor market at…

Labor Force Participation Rate analysis

The labor force participation rate analysis calculates the percentage of the working-age population either employed or actively seeking work. It can be anyone in the age category of 16 to 64, on the condition that they are not institutionalized. A high labor force participation rate shows that more people are employed and contributing their wages to the economy, making it a healthy economy. It also shows that there are more people actively looking for employment leading to more hiring options for employers. On the other hand, a low labor force participation rate shows a low number of people employed or looking for work. This leads to an economic setback with fewer wages going into the economy. In such a scenario, employers might have to cut back on profits, lay off employees, or stop the process of hiring.