Wage Rate (dollars per hour) (millions of hours) Quantity Supplied Quantity Demanded (millions of hours) 30 40 60 6 50 5 40 50 4 30 60 70 Refer to the below table. What 3 20 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) Zero
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- WAGE (Dollars per hour) 15 Labor Supply 12 0 200 400 600 Labor Demand 900 1000 QUANTITY (Thousands of workers) Graph Input Tool Labor Market Wage Rate (Dollars per hour) Labor Demanded (Thousands of workers) $11.1 260 Labor Supplied (Thousands of workers) 740 480 Surplus Labor (Thousands of workers) Labor Demand Shifters Tax Credit (Dollars per hour) ° ? Suppose the minimum wage in this economy is $11.10 per hour. An unemployed worker is defined as someone who is willing to work at the prevailing wage but is unable to find employment. Because the minimum wage lies above the equilibrium wage, it is binding, which means it is also the prevailing wage. If the wage is not allowed to fall below $11.10 per hour, the size of the unskilled labor force is workers are considered unemployed. The unemployment rate is defined as the percentage of unemployed workers in the labor force: Unemployment Rate = Unemployed Labor Force x 100 workers, and unskilled At a minimum wage of $11.10 per hour, the…WAGE (Dollars per hour) 15 Labor Supply X Labor Demand 3 10 200 400 600 QUANTITY (Thousands of workers) 12 6 0 0 800 1000 Unemployment Rate Graph Input Tool Labor Market Unemployed x 100 Labor Force Wage Rate (Dollars per hour) Labor Demanded (Thousands of workers) Surplus Labor (Thousands of workers) Labor Demand Shifters Tax Credit (Dollars per hour) If the wage is not allowed to fall below $11.70 per hour, the size of the unskilled labor force is workers are considered unemployed. The unemployment rate is defined as the percentage of unemployed workers in the labor force: $11.7 220 560 0 Suppose the minimum wage in this economy is $11.70 per hour. An unemployed worker is defined as someone who is willing to work at the prevailing wage but is unable to find employment. Because the minimum wage lies above the equilibrium wage, it is binding, which means it is also the prevailing wage. Labor Supplied (Thousands of workers) (?) workers, and 780 unskilledA 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…
- Quantity of Labor # of Keyboards per month 60 2 160 3. 240 4 280 300 If the price oft keyboards is $20 and the wage rate is $1.000, how many workers should be hired? 0403. If Fig. A represents the market for unskilled labor, what will be the impact of the imposition of minimum wage of $18? (a) Real wages (including all benefits) will definitely increase from $14 to $18. (b) Employment will decline from 12 to 8. (c) Unemployment will increase by 12. (d) All of the above. (e) Only (b) and (c) are correct.;Q35 Explain, who is helped and who is hurt by a minimum wage? Justify your reasoning.
- 1.what is the Working time and wage-effort bargain .The table gives the demand and supply schedules of teenage labor. Wage rate(dollars per hour) Quantity demanded(hours per month) Quantitysupplied(hours per month) 6 2,500 1,500 7 2,000 2,000 8 1,500 2,500 9 1,000 3,000 Calculate the equilibrium wage rate, the hours worked, and the quantity of unemployment. The minimum wage for teenagers is $8 an hour. How many hours are unemployed? 3. If the demand for teenage labor increases by 500 hours a month, what is the wage rate and how many hours are unemployed?use figure 1 and answer the following question (a) Consider the demand curve in Figure 1. What is the consumer surplus when the price is $4 a unit? (b) Consider the demand curve in Figure 1. What is the consumer surplus when the price is $11 a unit? (c) Consider the demand curve in Figure 1. If the price rises from $4 to $11 a unit, What will happen to consumer surplus? Use the…There was an increase in demand for im-person shopping what would you expect to happen to equilibrium wage of retail register workers?
- Use the table below to answer the following questions. Select one: OA. 30 OB. 40 Wage Rate (dollars per hour) 7 6 C. zero D. 70 E. 20 4 3 Table 6.2.2 Quantity Supplied (millions of hours) 88888 50 40 30 20 Refer to Table 6.2.2. What is the level of unemployment in millions of hours if the minimum wage is set at $3 per hour? Quantity Demanded (millions of hours) 30 40 50 60 705. Minimum-wage laws and unemployment 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. 0125250375500625750875100020.017.515.012.510.07.55.02.50WAGE (Dollars per hour)LABOR (Thousands of workers)Demand Supply Graph Input Tool Market for Labor Wage (Dollars per hour) Labor Demanded (Thousands of workers) Labor Supplied (Thousands of workers) Complete the following table with the quantity of labor supplied and demanded if the wage is set at $7.50. 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. Wage Labor Demanded Labor Supplied Shortage or Surplus? (Thousands of workers) (Thousands of workers)…A company operates in a competitive market, selling each unit of output for a price of $20 and paying the market wage of $270 per day for each worker it hires. In the following table, complete the column for the value of the marginal product of labor (VMPL) at each quantity of workers. Marginal Product of Value of the Marginal Product Labor Labor Output (Units of output) of Labor (Number of workers) (Units of output) (Dollars) 20 1 20 19 2 39 18 3 57 15 72 12 5 84 On the following graph, use the blue points (circle symbol) to plot the firm's labor demand curve. Then, use the orange line (square symbols) to show the wage rate. (Note: If you cannot place the wage rate at the level you want, move the two end points individually.) Hint: Remember to plot each point halfway between the two integers. For example, when the number of workers increases from 0 to 1, the value of the marginal product for the first worker should be plotted with a horizontal coordinate of 0.5, the value halfway…