You are GIVEN the liberty to construct a hypothetical geometric illustration of Labor Market where you measure the following variables on the specific axis: A On the vertical axis is the WAGE=the Price of Labor (in Pesos per day) B. On the horizontal axis is the QUANTITY of Labor demand and supply (in man-hours per day) REQUIREMENTS: 1. Show the EQUILIBRIUM point by bringing together the DEMAND and SUPPLY of LABOR. Label your graph accordingly. 2. Consider an INCREASE in the wage (as demanded by the labor groups) to a higher level than the equilibrium price for labor. SHOW geometrically what will happen in the labor market. What problem(s) is/are likely to arise in the labor market? 3. In the face of the problem(s) that are now obtaining in the labor market, what would you recommend as a set of policies or programs to address such problems. Illustrate your recommendations geometrically (i.e., graphically).

You are GIVEN the liberty to construct a hypothetical geometric illustration of Labor Market where you measure the following variables on the specific axis: A On the vertical axis is the WAGE=the Price of Labor (in Pesos per day) B. On the horizontal axis is the QUANTITY of Labor demand and supply (in man-hours per day) REQUIREMENTS: 1. Show the EQUILIBRIUM point by bringing together the DEMAND and SUPPLY of LABOR. Label your graph accordingly. 2. Consider an INCREASE in the wage (as demanded by the labor groups) to a higher level than the equilibrium price for labor. SHOW geometrically what will happen in the labor market. What problem(s) is/are likely to arise in the labor market? 3. In the face of the problem(s) that are now obtaining in the labor market, what would you recommend as a set of policies or programs to address such problems. Illustrate your recommendations geometrically (i.e., graphically).

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Please see below. Both pictures are part of the same question. The first picture contains the graph needed and the second one contains the questions being asked.
wage (S/worker) Labor Supply 150 125 100 75 Labor Demand 50 25 25 50 75 100 125 150 labor (ths. workers/day)
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