What is one explanation for why this labor supply curve is upward sloping? O Firms are willing to hire more hostesses at a lower wage. O Wages have to increase to accommodate union pressure. O Labor production functions exhibit diminishing marginal returns. O The opportunity cost of leisure decreases as wages decrease.
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- Other than the demand for labor, what would be another example of a 'derived demand?In Akron, 150 people are willing to spend an hour working as yoga instructors for an hourly wage of $10. For each additional $5 that the wage increases above $10, an additional 50 people are willing to spend an hour working. For hourly wages of $10, $15, $20, $25, and $30, plot the daily labor supply curve for yoga instructors on the following graph. 50 45 40 35 & WAGE (Dollars per hour) 20 15 10 5 0 0 50 100 150 200 250 300 350 LABOR (Number of workers) 400 450 500 Supply What is one explanation for why this labor supply curve is upward sloping? Wages have to increase to accommodate union pressure. Unemployment benefits are steadily declining. The opportunity cost of leisure decreases as wages decrease. People prefer to spend time doing leisure activities rather than working. ?In Miami, 180 people are willing to work an hour as hostesses if the wage is $20 per hour. For each additional $5 that the wage rises above $20, an additional 45 people are willing to work an hour. For wages of $20, $25, $30, $35, and $40 per hour, plot the daily labor supply curve for hostesses on the following graph. WAGE (Dollars per hour) 50 45 40 30 25 20 15 10 135 180 225 270 315 360 405 450 LABOR (Number of workers) Supply ? What is one explanation for why this labor supply curve is upward sloping over the range of wages from low wage to high wage? Unemployment benefits are steadily declining. People prefer to spend time doing leisure activities rather than working. O Firms are willing to hire more hostesses at a lower wage. The opportunity cost of leisure decreases as wages decrease.
- In Orlando, 135 people are willing to spend an hour working as yoga instructors for an hourly wage of $20. For each additional $5 that the wage increases above $20, an additional 45 people are willing to spend an hour working. For hourly wages of $20, $25, $30, $35, and $40, plot the daily labor supply curve for yoga instructors on the following graph. ? 50 45 40 R 8 WAGE (Dollars per hour) 88 20 15 10 5 0 0 45 90 135 150 225 270 315 300 405 450 LABOR (Number of workers) -0 Supply What is one explanation for why this labor supply curve is upward sloping? Unemployment benefits are steadily declining. O People prefer to spend time doing leisure activities rather than working. Firms are willing to hire fewer yoga instructors at a higher wage. The opportunity cost of leisure increases as wages increase. 4In Lexington, 150 people are willing to spend an hour working as personal trainers for an hourly wage of $15. For each additional $5 that the wage increases above $15, an additional 50 people are willing to spend an hour working. For hourly wages of $15, $20, $25, $30, and $35, plot the daily labor supply curve for personal trainers on the following graph. Supply 0 50 100 150 200 250 300 350 400 450 500 50 45 40.In Okennewick, 180 people are willing to spend an hour working as pizza makers for an hourly wage of $20. For each additional $5 that the wage increases above $20, an additional 45 people are willing to spend an hour working. For hourly wages of $20, $25, $30, $35, and $40, plot the daily labor supply curve for pizza makers on the following graph. WAGE (Dollars per hour) 50 45 40 35 25 20 15 10 5 0 0 45 + 90 135 180 225 270 315 LABOR (Number of workers) 360 405 450 Supply What is one explanation for why this labor supply curve is upward sloping? The opportunity cost of leisure increases as wages increase. Labor production functions exhibit diminishing marginal returns. Wages have to increase to accommodate union pressure. O Firms are willing to hire more pizza makers at a lower wage.
- What is one explanation for why this labor supply curve is upward sloping? O O OO Firms are willing to hire fewer secretaries at a higher wage. Labor production functions exhibit diminishing marginal returns. The opportunity cost of leisure decreases as wages decrease. Unemployment benefits are steadily declining.The graph below depicts equilibrium in the labor market for yoga instructors. Yoga has become increasingly popular as an alternative, or even a complement, to other forms of exercise, such as working out in a gym or running. Suppose that medical research shows that practicing yoga three times a week greatly increases the cardiovascular health of senior citizens. This increases the demand for yoga classes and studios, which in turn leads to an increase in price for yoga. How will this impact the labor market for yoga instructors? Illustrate on the graph below by shifting a curve or curves.Graph the isocost line associated with a wage of $10 per hour and a price of capital of $50 for total costs of $200, $ 240, and $300. Suppose the wage rises to $15 and the price of capital stays at $50. Show how the isocost line moves for the case in which total costs are $300.
- In Chicago, 120 people are willing to work an hour as hostesses if the wage is $20 per hour. For each additional $5 that the wage rises above $20, an additional 30 people are willing to work an hour. For wages of $20, $25, $30, $35, and $40 per hour, plot the daily labor supply curve for hostesses on the following graph. 50 45 Supply 40 35 30 25 20 15 10 5 30 60 90 120 150 180 210 240 270 300 LABOR (Number of workers) WAGE (Dollars per hour)11. Calculating the price elasticity of supply Dina is a stay-at-home parent who lives in Denver and does some consulting work for extra cash. At a wage of $25 per hour, she is willing to work 6 hours per week. At $35 per hour, she is willing to work 16 hours per week. Using the midpoint method, the elasticity of Dina's labor supply between the wages of $25 and $35 per hour is approximately that Dina's supply of labor over this wage range is which means5 For each of the following examples, choose the case with the lower (more inelastic) wage elasticity. Assume an $18 per hour wage rate: Serpent Brewing is a brewery in Nova Scotia. Would you expect Serpent Brewing's demand for beer tasters to have a lower wage elasticity than their beer production line workers? Explain. Nova Scotia's Non-Essential Pesticides Control Act, which came into effect in 2012, covers the "cosmetic" use of pesticides for lawn care and ornamental plants on residential, commercial, government, and institutional properties. Would you expect a farms demand for farm labour for weeding, in a jurisdiction where herbicides are banned for environmental reasons to have a lower wage elasticity than a jurisdiction where they are not? Explain. A coal mine's demand for labour, where the mine has a local monopoly in the sale of coal, versus a mine that sells coal in a competitive market. The demand for workers in a tobacco (cigarette) factory versus the demand for…