Use the graph input tool to help you answer the following questions. You will not be graded on any changes you make to this graph. Note: Once you enter a value in a white field, the graph and any corresponding amounts in each grey field will change accordingly. WAGE RATE (Dollars per hour) 30 25 20 15 10 5 0 Supply 0 Demand 12 24 36 48 60 72 QUANTITY OF LABOR (Thousands of workers) Graph Input Tool Wage Rate (Dollars per hour) Quantity Demanded (Thousands of workers) Excess Supply (Thousands of workers) Demand Shifter Pro-union Advertising (Millions of dollars) The union's wage increase from $15 to $20 per hour causes an excess supply of thousands of workers.) 15 36 0 0 Quantity Supplied (Thousands of workers) Shortage (Thousands of workers) ? 36 0 workers. (Note: Be sure to enter your answer in Suppose that the union, in order to mitigate the unemployment caused by the wage increase, bolsters demand by rolling out a "Buy Union" advertising campaign. If the union spends $5 million on the campaign, the excess supply of labor will be workers. (Note: Be sure to enter your answer in thousands of workers.)
Use the graph input tool to help you answer the following questions. You will not be graded on any changes you make to this graph. Note: Once you enter a value in a white field, the graph and any corresponding amounts in each grey field will change accordingly. WAGE RATE (Dollars per hour) 30 25 20 15 10 5 0 Supply 0 Demand 12 24 36 48 60 72 QUANTITY OF LABOR (Thousands of workers) Graph Input Tool Wage Rate (Dollars per hour) Quantity Demanded (Thousands of workers) Excess Supply (Thousands of workers) Demand Shifter Pro-union Advertising (Millions of dollars) The union's wage increase from $15 to $20 per hour causes an excess supply of thousands of workers.) 15 36 0 0 Quantity Supplied (Thousands of workers) Shortage (Thousands of workers) ? 36 0 workers. (Note: Be sure to enter your answer in Suppose that the union, in order to mitigate the unemployment caused by the wage increase, bolsters demand by rolling out a "Buy Union" advertising campaign. If the union spends $5 million on the campaign, the excess supply of labor will be workers. (Note: Be sure to enter your answer in thousands of workers.)
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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