Answered: 1. Labor Markets (a) Sketch a graph of…

Principles of Economics (MindTap Course List)

8th Edition

ISBN:9781305585126

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter18: The Markets For The Factor Of Production

Section: Chapter Questions

Problem 5PA

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Ma4.

1. Labor Markets (a) Sketch a graph of a competitive labor market for fast food workers, showing a hypothetical equilibrium wage and quantity of workers. (b) On that same graph (or a new one if it gets too hard to follow), show what would happen to labor demand and/or supply and the new equilibrium from each of the following changes: i. Childcare gets much more expensive. ii. Grocery stores begin paying their employees significantly more. iii. Better training allows workers to become 15% more productive. iv. Customers become more health-conscious and try to reduce their fast food intake.

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