Which of the following is most likely to accept a large wage demand? A. An international airline company. B. A construction company. C. A lone food store in a remote community. D. A steel plant.
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| A. |
An international airline company.
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| B. |
A construction company.
|
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| C. |
A lone food store in a remote community.
|
|
| D. |
A steel plant.
|
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- 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)Explain the effect of an increase in demand for tomatoes on demand or supply of tomato pickers. What is the effect on wages of tomato pickers and the number of tomato pickers hired.Calculate the effects on the equilibrium price and quantity of a 100 percent increase in the wage rate.Show the necessary solutions.
- Predict how each of the following events will raise or lower the equilibrium wage and quantity of oil workers in Texas. In each case, sketch a demand and supply diagram to illustrate your answer. a. The price of coal rises. b. New oil-drilling equipment is invented that is cheap and requires few workers to run. c. Several major companies that do not mine coal open factories in Texas, offering many well-paid jobs outside the oil industry. d. Government imposes costly new regulations to make oil-drilling a safer job.Phyllis wants to buy two tickets to a concert. Tickets cost $15 each, and she expects to wait 30 minutes in line to buy them. If her wage is $16 per hour, the economic cost of buying the two tickets is a $15 b $30 c $38 d $46Which of the following will not shift the supply of labor to the right? Select an answer and submit. For keyboard navigation, use the up/down arrow keys to select an answer. b an increase in safety protocols creating a safer work environment. с d an increase in the wage e a decrease in the education requirements needed for employment new union contracts that call for creating new positions all of the above will shift the supply of labor to the right X Your answer
- Q4. The graph below represents Lisena’s Landscaping Service’s demand for labor in the town of Forest Hills. The price of cutting a standard-sized residential lawn is $50 and the market wage rate for a worker is $200 per day. Answer the questions below. a. At the current market wage rate how many workers will the firm hire?b. Which economics principle can be used to explain why Lisena should NOT hire a fifth worker?c. What is the minimum number of lawns each worker should cut per day given wage rate of $200? Explain with a calculation.d. What happens to the demand for labor curve if the market price of cutting a lawn increases to $65? Explain your answer.e. What happens to the demand for labor curve if the market wage rate increases from $200 per day to $250 per day? Explain your answer.Ford Motors 2010-2019 How does the type of labor used (high-skilled or low-skilled) impact the supply of labor? How do these influence the wage rate in the company?The information below is for a competitive labor market. A. Calculate the value of the marginal product of labor at X. B. Find the equilibrium wage. C. Find the equilibrium quantity of labor employed.
- By use of a graph how is an increase in minimum wage shown?For each of the following determine the impact on the demand or the supply of labor and the effect on the equilibrium wage and quantity of labor employed. a. An increase in the price of capital. b. A union is formed which uses collective bargaining to obtain higher wages for its members. c. The marginal productivity of workers rises. d. People desire leisure more than ever before (e.g. it is Christmas Day). e. The wages offered in other labor markets requiring similar skills are now offering substantially higher wages. f. The fringe (non-monetary) benefits offered in this market have increased substantially. g. The government has just adopted an "open-door' immigration policy?The graph represents a labor market. What is the equilibrium hourly wage? per hour What is the equilibrium number of hours worked? D hours 4. 10 12 14 16 18 Identify all the factors that would cause the equilibrium Quantity (hours) wage to increase. 4. 2. Price ($ per hour) %24
