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why minimum wage should not increase ? ( state youre answer by looking at economy as micro)
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- Only typed answer and please don't use chatgpt How does the market for inputs like labor differ from the market for goods and services? (Check all that apply.) Part 2 A. Firms are sellers in the market for goods and services, while individuals are sellers in the market for inputs. B. The demand for inputs is derived from the demand for final goods and services. C. Firms are buyers in the market for inputs, while individuals are buyers in the market for goods and services. D. The market for inputs resolves shortages and surpluses through government-supervised negotiations.In Okennewick, 180 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 45 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 25 20 15 10 5 0 0 45 + 90 135 180 225 270 315 LABOR (Number of workers) 360 405 450 Supply What is one explanation for why this labor supply curve is upward sloping? The opportunity cost of leisure increases as wages increase. Labor production functions exhibit diminishing marginal returns. Wages have to increase to accommodate union pressure. O Firms are willing to hire more pizza makers at a lower wage.When Lytle Sue works in the labor market, the total effect on market hours of work due to a decrease in the wage rate (such as a tax) has two additional components, besides the PSE. C, G LwT + V C, G LwT + V w'T+ w'T +V. C+G C2+G2 C+G C2+G2 - U2 -U2 Un PSE T B'B A! A T B'B Show the other two components of the total effect on market hours on the second chart. Hint: You should include two arrows (labeled with the name of the effect), and you should also show B*.
- In Houston, 180 people are willing to work an hour as hostesses if the wage is $10 per hour. For each additional $5 that the wage rises above $10, an additional 45 people are willing to work an hour. For wages of $10, $15, $20, $25, and $30 per hour, plot the daily labor supply curve for hostesses on the following graph. WAGE (Dollars per hour) 50 45 40 35 30 20 15 10 5 0 77°F Mostly sunny 0 45 90 315 225 270 135 180 LABOR (Number of workers) 360 405 450 -- Supply C OQuestion The graph below represents the labor market for dog trainers. What is the equilibrium quantity of dog trainers? Wage PE = $16 Labor Market for Dog Trainers QE = 900 D QuantityUse a graph of labor supply and labor demand to illustrate the impact of each of the folllwing events on the equilibrium wage rate and the equilibrium level of employment in a labor market. (Analyze these as two separate unrelated events). Be sure to label your graph clearly to show the direction of the shift as well as an initial equilibrium and the new equilibrium after the event. A. A decline in the productivity of this type of labor B. An increase in the preference for work versus leisure.
- 14. Wage $7.25 56.50 D C I 50,000 SMC DAMB Minimum wage a(number of workers) 75,000 10,000 The figure above shows a labor market. After a minimum wage of $7.25 an hour is imposed, employment equals workers. a 40,000 b. 50,000 € 90,000 d. 75,000The 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 10 Supply 16 Labor Demanded (Thousands of workers) Labor Supplied (Thousands of workers) 400 400 14 12 10 Demand 80 160 240 320 400 480 560 640 720 800 LABOR (Thousands of workers) WAGE (Dolars per hour)Use the figure below to answer the following question. Real wage rate (2002 dollars per hour) 25 LS 20 15 10 LD LDo O 50 100 150 200 250 300 Labour (billions of hours per year) From the figure, as a result of the rightward shift in the demand curve for labour from LDO to LD1, potential GDP , -- and potential GDP per hour of labour 1) increases; increases 2) decreases; increases 3) increases; decreases 4) decreases; decreases 5) increases; does not change
- To say that the demand for labor is a derived demand means that the demand for labor depends upon the demand for the product produced by labor O the supply of labor rises when the demand for labor falls changes in the demand for labor lead to changes in the demand for the product produced by labor the quantity of labor is derived by the real wage rateConsider the labor market defined by the supply and demand curves plotted on the following graph. Use the calculator to help you answer the following questions. You will not be graded on any changes you make to the calculator. WAGE (Dollars per hour) 20.0 17.5 Supply 15.0 12.5 10.0 7.5 5.0 25 Demand 0 125 250 375 500 625 750 LABOR (Thousands of workers) 875 1000 Graph Input Tool Market for Labor Wage (Dollars per hour) 2.50 Labor Demanded (Thousands of workers) 875 Labor Supplied (Thousands of workers) 125 Complete the following table with the quantity of labor supplied and demanded if the wage is set at $12.50. Then indicate whether this wage will result in a shortage or a surplus. Hint: Be sure to pay attention to the units used on the graph and in the table. For example, type in 100 for 100,000 workers. Labor Demanded Labor Supplied Wage (Thousands of workers) (Thousands of workers) Shortage or Surplus? $12.50 Suppose the federal government contemplates a new law that would create a…13. Consider this statement: "In the labor market, businesses supply jobs." Explain what is wrong with this statement, in your own words. Give an example of an accurate statement that could replace it.
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