Foundations of Economics (8th Edition)
8th Edition
ISBN: 9780134486819
Author: Robin Bade, Michael Parkin
Publisher: PEARSON
expand_more
expand_more
format_list_bulleted
Question
Chapter 7, Problem 5SPPA
To determine
To find:
The number of employed students, unemployed students and the minimum wage at which a student will be willing to work if a minimum wage of $11.50 an hour is strictly enforced.
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solution
Students have asked these similar questions
Topic : Minimum Wage & Working at your local Dairy Queen part time for $9/hour, 36 hours weekly. Around $250-$260 weekly.
Write it as if you are working at your local Dairy Queen part time for $9/hour, 36 hours weekly. Around $250-$260 weekly. Include why a minimum wage job like so needs to be paid more per hour.
Freewrite. Write as much as you can about your topic. Remember, NO RESEARCH!Write an arguable thesis statement. Read this information from UNC on thesis statements. (https://writingcenter.unc.edu/tips-and-tools/thesis-statements/) Write an outline for your essay--Your thesis statement and at least 3 main supports.Write a draft of your essay. It should be at least 5 paragraphs--an intro with a thesis, 3 body paragraphs that support your thesis, and a conclusion.Not for grade.
Wage Rate
(dollars per hour)
17
Quantity Supplied
(hours per week)
1,000
Quantity Demanded
(hours per week)
654
800
600
400
200
400
600
800
Table 6.2.1 gives the supply and demand schedules for teenage labour in Genoa City. In an unregulated market
Select one:
OA. there is no teenage unemployment and the wage rate is $15 per hour.
B. the minimum wage is $17 per hour.
OC. teenage unemployment is 400 hours and the wage rate is $15 per hour.
D. there is no teenage unemployment and the wage rate is $16 per hour.
E. teenage unemployment is 400 hours and the wage rate is $16 per hour.
Format Tools Add-ons Help
Accessibility
Last edit was on January 29
Normal text
Times New.
18
BIU
+
1 .
...| II
1. What is the minimum wage?
2. What is an argument in favor of raising the minimum wage?
3. What is an argument opposed to raising the minimum wage?
4. Who is the current Vice President of the United States?
5. List a few of the Vice President's duties.
6. How do dams affect salmon?
7. Why is it important to protect salmon?
Chapter 7 Solutions
Foundations of Economics (8th Edition)
Ch. 7 - Prob. 1SPPACh. 7 - Prob. 2SPPACh. 7 - Prob. 3SPPACh. 7 - Prob. 4SPPACh. 7 - Prob. 5SPPACh. 7 - Prob. 6SPPACh. 7 - Prob. 7SPPACh. 7 - Prob. 8SPPACh. 7 - Prob. 9SPPACh. 7 - Prob. 10SPPA
Ch. 7 - Prob. 11SPPACh. 7 - Prob. 1IAPACh. 7 - Prob. 2IAPACh. 7 - Prob. 3IAPACh. 7 - Prob. 4IAPACh. 7 - Prob. 5IAPACh. 7 - Prob. 6IAPACh. 7 - Prob. 7IAPACh. 7 - Prob. 8IAPACh. 7 - Prob. 9IAPACh. 7 - Prob. 1MCQCh. 7 - Prob. 2MCQCh. 7 - Prob. 3MCQCh. 7 - Prob. 4MCQCh. 7 - Prob. 5MCQCh. 7 - Prob. 6MCQCh. 7 - Prob. 7MCQCh. 7 - Prob. 8MCQ
Knowledge Booster
Similar questions
- Persuasive Writing Research newspapers and news magazines for recent articles about the minimum wage. Using what you have learned about price floors and the information in the articles, decide whether you favor or oppose raising the minimum wage. Write a 2-page paper outlining your views.arrow_forward7. The demand curve for labor shows what?a. The demand for labor is immune to wage pressures.b. There is a negative relationship between wage and quantity.c. The supply of labor is higher at higher wage levels.d. There is a positive relationship between wage and quality.arrow_forwardapter 16 Problems LO ? eBook Refer the figure given below to answer the question. ¹2 Wage rate ($ per hour) 9 8 7 6 LD 5 Mc Graw Hill Type here to search 4 M 3 2 1 0 S₁ D 10 20 30 40 40 50 60 70 80 90 100 O ○ 발 Number of people employed (in millions) Tools 7 dropline 2 O **********arrow_forward
- Need some help please and thank youarrow_forwardThe table gives the demand and supply schedules of teenage labor. Wage rate ($ per hour) Quantity demanded (hours per month) Quantity supplied (hours per month) 4 3000 1000 5 2500 1500 6 2000 2000 7 1500 2500 8 1000 3000 a.Calculate the equilibrium wage rate, the number of hours worked, and the quantity of unemployment. b.If a minimum wage for teenagers is set at $5 an hour, how many hours do they work and how many hours of teenage labor are unemployed? c.If a minimum wage is set at $7 an hour, how many hours do teenagers work and how many are unemployed?arrow_forwardTable 3.2 describes the market for day-care workers in the city of Vishna (quantity of workers in hundreds). Table 3.2 Hourly Wage ($) Quantity demanded Quantity supplied 5.00 17 13 Multiple Choice 5.50 6.00 6.50 16 15 14 14 15 16 Refer to Table 3.2 to answer this question. What would happen if the government were to establish a minimum wage of $6.50 an hour? 7.00 13 17 The wage would stay at $6, and there would be no unemployment. The number employed would increase by 100. O The equilibrium wage would rise to $6.50, and there would be no unemployment. O There would be 200 day-care workers unemployed. 7.50 12 18 The day-care centres would have difficulty finding sufficient workers.arrow_forward
- 4a. In the space to the right, draw a graph that shows a high demand for labor in industry X and a high supply of labor in that industry. 4b. Draw a line to the y axis, showing the wage rate. 4c. What will the wage rate be like in this particular industry? 4d. What real-life industry do you think best matches this scenario? 5. In what scenario were wages the highest? 6. What factors might cause the supply of workers in a given industry to be low? 7. In what scenario were wages the lowest? 8. Do you think wages are always connected to the importance of a job? Explain.arrow_forwardUsing the table below answer the following question Price Quantity demanded Quantity supplied $300 60 30 $400 55 40 $500 50 50 $600 45 60 $700 40 70 $800 35 80 In response, to lobbying by the skate board association, the government places aprice ceiling at the price of $700 on skate boards. What will this have on the marketfor skate boards? Explain your answerarrow_forwardWage Rate (dollars per hour) (millions of hours) Quantity Supplied Quantity Demanded (millions of hours) 30 60 50 40 40 50 4 30 60 3 20 Refer to the below table. What 70 is the level of unemployment in millions of hours if the minimum wage is set at $3 per hour? 1) 70 2) 40 3) 30 4) 20 5) Zeroarrow_forward
- A. What is the equilibrium wage for retail associates? How many associates are employed at the equilibrium wage and what is the unemployment rate? B. The Tennessee state government enacts a minimum wage of $9 per hour. How many associates are employed at $9 per hour? Is there any unemployment? C. Workers successfully lobby the state legislature, and the minimum wage is raised to $11 per hour. How many associates are employed at $11 per hour? Is there any unemployment? If so, are these workers frictionally, structurally, or cyclically unemployed? (Image of Graph is attached below)arrow_forwardWAGE (Dollars per hour) 16 14 12 10 8 6 4 2 0 Supply Demand 200 400 600 800 1000 1200 1400 1600 LABOR (Thousands of workers) Graph Input Tool Market for Labor Wage (Dollars per hour) Labor Demanded (Thousands of workers) Which of the following statements are true? Check all that apply. 6.00 1,000 Shortage or Surplus? Shortage Labor Supplied (Thousands of workers) Complete the following table with the quantity of labor supplied and demanded if the wage is set at $6.00. Then indicate whether this wage will resu 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) $6.00 1,000 600 Suppose the federal government contemplates a new law that would create a national minimum wage of $6.00 per hour. 600 In this labor market, a minimum wage of $8.50 would be binding. □ If the minimum wage is set at $6.00, the market…arrow_forwardDemand and Supply Schedules for Papaya Price $ Quantity demanded Quantity Supplied 4 36,000 4,000 8 32,000 8,000 12 28,000 12,000 16 24,000 16,000 20 20,000 20,000 24 16,000 24,000 28 12,000 28,000 32 8,000 32,000 36 4,000 36,000 Plot the demand and supply curve for mangoes.arrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
Essentials of Economics (MindTap Course List)EconomicsISBN:9781337091992Author:N. Gregory MankiwPublisher:Cengage Learning
Principles of Economics (MindTap Course List)EconomicsISBN:9781305585126Author:N. Gregory MankiwPublisher:Cengage Learning
Principles of Macroeconomics (MindTap Course List)EconomicsISBN:9781285165912Author:N. Gregory MankiwPublisher:Cengage Learning
Brief Principles of Macroeconomics (MindTap Cours...EconomicsISBN:9781337091985Author:N. Gregory MankiwPublisher:Cengage Learning
Principles of Economics, 7th Edition (MindTap Cou...EconomicsISBN:9781285165875Author:N. Gregory MankiwPublisher:Cengage Learning
Principles of Macroeconomics (MindTap Course List)EconomicsISBN:9781305971509Author:N. Gregory MankiwPublisher:Cengage Learning
Essentials of Economics (MindTap Course List)
Economics
ISBN:9781337091992
Author:N. Gregory Mankiw
Publisher:Cengage Learning
Principles of Economics (MindTap Course List)
Economics
ISBN:9781305585126
Author:N. Gregory Mankiw
Publisher:Cengage Learning
Principles of Macroeconomics (MindTap Course List)
Economics
ISBN:9781285165912
Author:N. Gregory Mankiw
Publisher:Cengage Learning
Brief Principles of Macroeconomics (MindTap Cours...
Economics
ISBN:9781337091985
Author:N. Gregory Mankiw
Publisher:Cengage Learning
Principles of Economics, 7th Edition (MindTap Cou...
Economics
ISBN:9781285165875
Author:N. Gregory Mankiw
Publisher:Cengage Learning
Principles of Macroeconomics (MindTap Course List)
Economics
ISBN:9781305971509
Author:N. Gregory Mankiw
Publisher:Cengage Learning