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(Why wages differ) Why might permanent wage differences occur between different markets for labor or within the same labor market?
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- 6. Plotting the supply of labor In Providence, 120 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 30 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 30 25 20 15 10 5 0 0 + 30 60 90 120 150 180 210 LABOR (Number of workers) 240 270 300 Supply What is one explanation for why this labor supply curve is upward sloping? The opportunity cost of leisure increases as wages increase. O Unemployment benefits are steadily declining. Wages have to increase to accommodate union pressure. O Firms are willing to hire fewer pizza makers at a higher wage.1. Why wages differ For each of the scenarios in the following table, indicate the most likely reason for the difference in earnings. Differences in Human Capital Scenario Major-league hockey goalies earn more than minor-league hockey goalies. Research done in the United States, based on U.S. Census data, finds that during an adult's working life-high school graduates earn an average of $1.2 million, associate's degree holders earn about $1.6 million, and bachelor's degree holders earn about $2.1 million. Two automotive technicians have the same amount of schooling and work experience, but earn different wages. The first works the day shift for an auto manufacturer factory for an annual wage of $50,000 per year, and the second works the night shift for the same company for an annual wage of $60,000 per year. Compensating Differential Differences in Natural Ability Labour UnionsWhat would be the predicted impact on the labor market of a decrease in non-wage income, as well as an increase in the price of machines? a. An increase in equilibrium wage, and an indeterminate change in equilibrium quantity of labor. b. A decrease in equilibrium wage, and an indeterminate change in equilibrium quantity of labor. C. An indeterminate change in equilibrium wage, and an increase in equilibrium quantity of labor. O d. An indeterminate change in equilibrium wage, and a decrease in equilibrium quantity of labor.
- Dont use Chat GPT4. Minimum wage legislation Part 2 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.7. What is most likely to occur if wages decrease from point Wes to a point below Wu? Use the graphic below. Oa) Families will continue as if nothing has occurred Ob) Families will feel constrained to send the children they already have to work (despite their age) c) Families will have more children without sending existing children to work Od) None of the above
- Figure 3.4 Market A Market B S. 18- 12--- 12 D. Quantity (hours) Quantity (hours) Assume that Figure 3.4 represents the markets for comparably skilled and educated economists and coal miners. If there are more coal miners, identify which market represents each profession. What is the economists' wage? What is the coal miners' wage? O $15: $15 O $18: $12 O $18; $18 O $12: $18 Wage4. Minimum wage legislation Part 3 The following graph shows the labor market in the fast-food industry in the fictional town of Supersize City. Use the graph input tool to help you answer the following questions. You will not be graded on any changes you make to this graph. Note: Once you enter a value in a white field, the graph and any corresponding amounts in each grey field will change accordingly.To say that the demand for labor is a derived demand means that the demand for labor depends upon the demand for the product produced by labor O the supply of labor rises when the demand for labor falls changes in the demand for labor lead to changes in the demand for the product produced by labor the quantity of labor is derived by the real wage rate
- Figure 3.2 Wage Rate ($ per day) 15 5. 0 20 Quantity of Labor O $15; 30 workers 5; 30 workers S₁ $5; 20 workers O $10; 40 workers D₁ 40 In Figure 3.2, assume that we have labor market demand and supply curves of D₂ and S₁, respectively. What is the equilibrium wage and employment level? S₂ D₂Figure 15: Returns to HE for men in work by subject and age Business Economics Engineering Communications Creative Arts Law Medicine English Age 30 Age 50 95% Cls Age 40 Age 60 It shows the returns to getting a degree in different subjects relative to the average wage of men who did A-levels but did not go to university. The new Minister of Universities has some ideas. She suggests: (a) Charging people who who get a 60% wage premium (eg women doing Economics) higher tuition fees (b) Charging people who get less than a 40% premium higher tuition fees (c) Charging everyone higher tuition fees. Evaluate each of these proposals in light of the competitive labour market model (holding labour demand constant). Do you think the proposal is a good idea? Why or why not? What will the effect be on the supply of different types of labour (eg non-graduates, female economists) resulting from each and thus on the wages people receive. Earnings Difference in Percent O 20 40 60 80 1001201402. Graphing demand for labor and computing the optimal quantity of labor demanded A company operates in a competitive market, selling each unit of output for a price of $20 and paying the market wage of $270 per day for each worker it hires. In the following table, complete the column for the value of the marginal product of labor (VMPL) at each quantity of workers. Labor Output (Units of output) Marginal Product of Labor (Units of output) Value of the Marginal Product of Labor (Dollars) (Number of workers) 0 0 20 1 20 19 2 39 18 3 57 15 4 72 12 5 84 On the following graph, use the blue points (circle symbol) to plot the firm's labor demand curve. Then, use the orange line (square symbols) to show 00000
