The following graph shows a competitive labor market. GE RATE (Dollars per hour) 50 40 30 20 Labor Supply Labor Demand Labor Demand Labor Supply Economic Rent (?)
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- Other than the demand for labor, what would be another example of a 'derived demand?Consider 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) 24 21 18 3 0 Supply Demand 150 300 450 600 750 900 1050 1200 LABOR (Thousands of workers) Graph Input Tool Market for Labor Wage (Dollars per hour) Labor Demanded (Thousands of workers) 3.00 1,050 Labor Supplied (Thousands of workers) Complete the following table with the quantity of labor supplied and demanded if the wage is set at $9.00. 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? $9.00 Suppose the federal government contemplates a new law that would create a national minimum wage of…Consider the market for labor depicted by the demand and supply curves that follow. Use the calculator to help you answer the following questions. You will not be graded on any changes you make to the calculator. Graph Input Tool Market for Labor 24 I Wage (Dollars per hour) 21 Supply 3.00 Labor Supplied (Thousands of workers) 18 Labor Demanded (Thousands of workers) 1,050 150 15 12 Demand 3 150 300 450 600 750 900 1050 1200 LABOR (Thousands of workers) Complete the following table with the quantity of labor supplied and demanded if the wage is set at $15.00. 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? $15.00 Suppose a senator considers introducing a bill to legislate a minimum hourly wage of $15.00. Which of the following statements…
- Consider 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) 24 21 18 15 12 6 3 0 0 Supply Demand 150 300 450 600 750 900 1050 1200 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. 3.00 1,050 Labor Supplied (Thousands of workers) Suppose the federal government contemplates a new law that would create a national minimum wage of $9.00 per hour. Complete the following table with the quantity of labor supplied and demanded if the wage is set at $9.00. 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…iples of Microeconomics Spring20 spring21 - Wage rate Idollars per hou 8 2 0 40 80 120 160 Quantity of labor (millions of hours per year P The figure above shows the market for low-skilled labor in Midland city in a nation to the south. The government sets a minimum wage at $6 per hour. With the minimum wage law enacted, at the quantity of labor employed, the value to the firm of last worker hired is the wage rate for which that person is willing to work. O a the same as O b. $3 per hour greater than Oc $3 per hour less than Od $1 per hour greaterFigure 18b This figure below shows the labor market for automobile workers. The curve labeled S is the labor supply curve, and the curves labeled D1 and D2 are the labor demand curves. On the horizontal axis, L represents the quantity of labor in the market. 0 S D₁ What is measured along the vertical axis on the graph? O a. the wage paid to automobile workers O b. time spent by workers producing automobiles O c. the quantity of automobiles produced O d. the price of automobiles L
- The idea of "economic rent" can be applied to resources other than land. What is economic rent? O The additional "pay" the owner of a resource can earn greater than its "supply price." It's when supply is greater than demand. |0|0|0 O It applies to apartment rent in large cities where rents are outrageous. OIt refers to ridiculously high taxes on entrepreneurs.Give four explanations for why firms might find ii profitable lo pay wages above the level that balances quantity of labor supplied and quantity oflabor demanded.Suppose that the price of sedans in the previous graph increases from $24,000 to $29,000 per car. This would cause the sedans to increase, which is reflected on the graph by a the supply curve. Suppose a technological improvement increases the speed with which robots can attach bolts to cars from 2,500 bolts per hour to 3,000 bolts per hour. Assuming that the wage rate remains the same, this would cause a the supply curve. This is because the technological improvement makes cars