WAGE (Dollars per hour) 20 18 16 2 0 0 1 1 I 2 0 I Levied on Employers (Dollars per hour) 60 120 180 240 300 360 420 480 540 600 LABOR (Number of workers) Tax Proposal Supply Demand 24 Levied on Workers (Dollars per hour) 0 1 Quantity Hired (Number of workers) Market for Laboratory Aides 000 Wage (Dollars per hour) Labor Demanded (Number of workers) Demand Shifter For each of the proposals, use the previous graph to determine the new number of laboratory aides hired. Then compute the after-tax amount paid by employers (that is, the wage paid to workers plus any taxes collected from the employers) and the after-tax amount earned by laboratory aides (that is, the wage received by workers minus any taxes collected from the workers). Tax Levied on Employers (Dollars per hour) 4 480 0 Labor Supplied (Number of workers) After-Tax Wage Paid by Employers (Dollars per hour) Supply Shifter Tax Levied on Workers (Dollars per hour) 120 After-Tax Wage Received by Workers (Dollars per hour) 1000

WAGE (Dollars per hour) 20 18 16 2 0 0 1 1 I 2 0 I Levied on Employers (Dollars per hour) 60 120 180 240 300 360 420 480 540 600 LABOR (Number of workers) Tax Proposal Supply Demand 24 Levied on Workers (Dollars per hour) 0 1 Quantity Hired (Number of workers) Market for Laboratory Aides 000 Wage (Dollars per hour) Labor Demanded (Number of workers) Demand Shifter For each of the proposals, use the previous graph to determine the new number of laboratory aides hired. Then compute the after-tax amount paid by employers (that is, the wage paid to workers plus any taxes collected from the employers) and the after-tax amount earned by laboratory aides (that is, the wage received by workers minus any taxes collected from the workers). Tax Levied on Employers (Dollars per hour) 4 480 0 Labor Supplied (Number of workers) After-Tax Wage Paid by Employers (Dollars per hour) Supply Shifter Tax Levied on Workers (Dollars per hour) 120 After-Tax Wage Received by Workers (Dollars per hour) 1000

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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4. Minimum wage legislation The following graph shows the labor market in the fast-food industry in the fictional town of Supersize City. 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. Graph Input Tool Market for Labor in the Fast Food Industry 20 I Wage (Dollars per hour) 18 Supply 16 Labor Demanded (Thousands of workers) Labor Supplied (Thousands of workers) 500 210 14 Demand 2. 50 100 150 200 250 300 350 400 450 500 LABOR (Thousands of workers) In this market, the equilibrium hourly wage is $ and the equilibrium quantity of labor is thousand workers. Suppose a senator introduces a bill to legislate a minimum hourly wage of $6. This type of price control is called a WAGE (Dollars per hour)
6. Contrasting labor union laws in two states Consider two states that adopt different laws concerning labor unions. The following graph shows the labor market in a state in the North. Initially, the market-clearing wage there is $8.00 per hour. Suppose that the legislature in this northern state passes laws that make it easy for workers to join a union. Through collective bargaining, the union negotiates a wage of $10.00 per hour. 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. Graph Input Tool Market for Labor 16 14 Supply Wage 2.00 (Dollars per hour) 12 1,400 200 Labor Demanded (Thousands of workers) Labor Supplied (Thousands of workers) 10 Demand 200 400 600 800 1000 1200 1400 1600 LABOR (Thousands of workers) Enter $10.00 into the box labeled Wage on the previous graph. Hint: Be sure to pay attention to the units used on the graph. At the union wage, union workers will be employed. WAGE (Dollars per…
3) The following data table contains the labor demand and labor supply schedules for low-skilled workers in San Francisco. Use the data to answer the questions below. W-wage $23.00 $22.00 $21.00 $20.00 $19.00 $18.00 $17.00 $16.00 $15.00 $14.00 $13.00 $12.00 $11.00 $10.00 $9.00 $8.00 $7.00 $6.00 $5.00 $4.00 $3.00 $2.00 Qd - labor demand 0 5,000 10,000 15,000 20,000 25,000 30,000 35,000 40,000 45,000 50,000 55,000 60,000 65,000 70,000 75,000 80,000 85,000 90,000 95,000 100,000 105,000 Qs - labor supply 210,000 200,000 190,000 180,000 170,000 160,000 150,000 140,000 130,000 120,000 110,000 100,000 90,000 80,000 70,000 60,000 50,000 40,000 30,000 20,000 10,000 0 a) Find the equilibrium wage and quantity of workers for low-skilled workers in San Francisco. Show the equilibrium graphically and include the wage intercepts.
Wages, Workers, and Management - End of Chapter Problem As of 2018, the federal minimum wage in the United States was $7.25 per hour. There have been proposals to increase the federal minimum wage to $15.00 per hour. Assume the labor market for minimum wage workers is in equilibrium at the current minimum wage of $7.25 and that Congress passes a law to increases the minimum wage to $15.00 per hour. Place the points on the graph to illustrate the price floor created by the minimum wage law. Wage ($ per hour) 120 19 18 7 16 54 13 12 17 15 14 11 10 9 8 7 6 5 4 3 2 1 0 0 Minimum wage ●Labor supply X Labor demand 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 Quantity of workers (hundred thousand) As a result of the increase in minimum wage to $15 an hour, the quantity of labor supplied will be quantity of labor demanded, and there will be workers unemployed. the
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Problem 2. The effects of a tax on labor income. Use the labor market graph below to help answer the questions. wage rate ($) 36 32 28 24 20 20 16 12 8 4 Suppl Deman Hours of work per week (millions) 200 400 600 800 1000 1200 1400 1600 1800 a.) The equilibrium wage is and the equilibrium quantity of labor is b.) Now suppose that the government imposes a tax of $6 on workers. i.) Show the effects on the graph. The new equilibrium wage is quantity of labor is ii.) How much of the $6 tax are workers actually paying? $ paying? $ iii.) Show the excess burden (deadweight loss) of the tax. iv.) What is the total tax revenue raised? $ and the equilibrium How much are their employers c.) Suppose that this is actually the Social Security tax, which levies half of the tax on workers and half of the tax on firms. Use the graph above (or paste a new one in below) that shows the effects of this tax if it were instead split between firms and workers. • What will be the new equilibrium wage now? • How…
Question 20 Wage Rate Wo W₁ W₂ W3 0 Q3 MRC Q₁ Employment Q₂ O W₂, and Q1 workers would be hired. O W₂, and Q₂ workers would be hired. ⒸW₁, and Q₁ workers would be hired. O W3, and Q1 workers would be hired. Supply Demand The graph shows a monopsonist labor market. A What would the equilibrium wage rate and amount of workers hired be?
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Question 10 (1 point) Saved Quantity of Labor Supplied Wage Total Cost of Labor Marginal Cost of Labor Marginal Revenue Product 50 $10 $500 $10 $30 100 $12 $1200 X $25 150 $15 $2250 $21 $21 200 $18 $3600 $27 $18 250 $20 $5000 $28 $15 Use the labor market data for a monopsony employer above. Find the wage and quantity of labor the firm will hire. Question 10 options: $12; 100 $25; 100 $15; 150 $21; 150
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