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- What is die price commonly called in the labor market?Name some factors that can cause- a shift in the supply curve in labor markets.Why are the factors that shift the demand for a product different from the factors that shift the demand for labor? Why are the factors that shift the supply of a product different from those that shift the supply of labor?
- Predict how each of the following events will raise or lower the equilibrium wage and quantity of oil worker in Texas. In each case, sketch a demand and supply diagram to illustrate your answer. The price of oil rises. New all-drilling equipment is invented that is cheap and requires few workers to run. Several major companies that do not drill oil open factories in Texas, offering many well-paid jobs outside the oil industry. Government imposes costly new regulations to make oil-drilling a safer job.What is the formula for the wage elasticity of labor supply?Consider the labor market for the cleaning products industry. Assume, decrease in the demand for cleaning products takes place in the industry. What is the likely consequence? Odecrease in demand for labor Oincrease in supply of labor Oincrease in demand for labor What will be the impact on the wage rate (other things equal)? Odecrease in wage rate Oincrease in wage rate Othere will be no change
- A state funded report in Florida brings media attention to the wage gap between landscapers and childcare workers. Whereas childcare workers are largely female, landscapers are largely male. The state passes comparable worth legislation to bring this wage discrepancy into balance. The graph represents the market for childcare workers. Adjust the wage line to illustrate the impact an hourly wage requirement of $11.00/hour has on this market. Hourly wage ($) 54 32 no 15 14 13 12 11 10 9 8 6 LO 5 4 3 21 2 O 0 50 supply wage demand 100 150 200 250 300 350 400 450 500 Workers What impact did this legislation have on the level of employment of childcare workers? Employment decreases by 100, and the size of the surplus equals 250 childcare workers. Employment increases by 150, and the size of the surplus equals 250 childcare workers. O Employment decreases by 150, and the size of the shortage equals 250 childcare workers. O Employment increases by 100, and the size of the shortage equals 250…eworkers nin both markets. Market A Market B 18 12--- 12- 券 D. Quantity (hours) Quantity (hours) Refer to the above graph, if the wage rate in market A and market B were set at $15, then there would be a shortage of workers in both markets. there would bc a shortage of workers in markct B and a surpluIs of workers in market A. O there would be a shortage of workcrs in market A and a surplus of workcrs in market B. there would be a surplus of workers in both markcts. Wage S. Wage S.Suppose that John is a high-school drop out with a market wage of $8. a. Give two reasons why John' MRPL might increase if the firm pays an efficiency wage? b. The relationship between John's wage and MRPL is given in the table below. What is the efficient wage for John? Wage ($/hour) MRPL ($/hour) $8 $8.00 $9 $9.50 $10 $11.00 $11 $12.25 $12 $13.00 $13 $13.50 $14 $14.00
- 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 greaterSeveral members of Parliament have been greatly concerned about the fairness of salaries in the marketplace. They are contemplating enacting a law that would fix the wage rate at WA. Their aides have returned with the results of an investigation into the matter, as portrayed in Graphs A and B. B. Market for K-12 Teachers A. Market for Computer Software Programmers Wc WA W. So'00 Quantity of Computer Quantity of K-12 Teachers Software Programmers Refer to Figure 11-1. If the wage law were enacted, what would the result in the market for computer programmers be? a shortage of Q6- Q5 a surplus of Q6- Q4 | a surplus of Q6 -Q5 a shortage of Q6- Q4 | Wage rate Wage rateThe province of BC is increasing the wage of family doctors from $250,000 to $385,000. A local radio announcer interviewed the Health Minister and said “Woe, that’s a lot of money. It’s too much.” In a graph below draw the labor market for family doctors in BC. In terms of economics, what would it mean if the new wage was “too much”? (i.e. show on the graph) Currently in the province, under the old wage, 20% of the population (a million people) are unable to access a family doctor. Replicate your graph from (a) and show this current situation. Do you think the new wage is going to be “too much”? Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.
